If CLARITY stalls, on-chain perps stay offshore — and US traders get pushed out
Hyperliquid established a policy center in D.C. to advocate for clear regulation of on-chain perpetuals before they are effectively banned for US traders.Summary
Hyperliquid launched a Policy Center in Washington D.C., funded by its native token, signaling that the era of DeFi bypassing regulation is ending, with policy becoming a competitive moat, especially concerning perpetual derivatives which are a major unresolved regulatory challenge.
Perpetual futures dominate crypto derivatives but don't fit existing statutes, leading to regulatory friction and enforcement actions. While stablecoin regulation is advancing via the GENIUS Act, the CLARITY Act, which addresses digital commodities, explicitly excludes derivatives, leaving perpetuals in limbo despite Treasury Secretary Scott Bessent pushing for market structure legislation by spring 2026.
Hyperliquid's move reflects a broader trend of DeFi adopting institutional lobbying strategies, spending significantly to shape rulemaking. Three scenarios loom: regulated access paths emerge, front-end crackdowns intensify pushing US users offshore, or legislative breakdown leaves perps permanently offshore. The outcome hinges on whether proactive engagement secures a regulatory path for on-chain perps, otherwise, US access will degrade as offshore dominance persists.
(Source：CryptoSlate)