Key Highlights
- SEC Crypto Task Force met with Hyperliquid representatives to discuss crypto asset regulation in the U.S.
- Hyperliquid representatives outlined the protocol, its technology, and its ecosystem during the meeting.
- Hyperliquid’s open interest reached a record $11.07 billion in 2026, driven by strong growth in its HIP-3 markets.
The U.S. Securities and Exchange Commission (SEC) Crypto Task Force met with representatives from the Hyperliquid Policy Center, Highland Labs Pte. Ltd., XYZ Ltd., and law firm Sullivan & Cromwell LLP on July 14, 2026, to discuss how crypto assets should be regulated in the United States.
According to the SEC’s official meeting memorandum, the discussion focused on “approaches to addressing issues related to regulation of crypto assets.” The filing also said representatives from the organizations provided an attached document during the meeting, which was reviewed and discussed by SEC staff.
Why the meeting was requested
The meeting was requested through a letter submitted to the SEC Crypto Task Force by Sullivan & Cromwell partner Natasha Vasan on behalf of the participating organizations.
In the letter, the group said it wanted to give the regulator an overview of the Hyperliquid protocol, including its technology, markets, and the companies and people helping to build the ecosystem. The request was made for the week of July 13, and the meeting was later held today, July 14.
Who is behind Hyperliquid?
The filing also explained the role of the other organizations attending the meeting. Highland Labs Pte. Ltd. was identified as a software development company that contributes to the Hyperliquid protocol.
XYZ Ltd. was described as a research and product company building on Hyperliquid. It also said XYZ is a core contributor to the XYZ protocol and serves as a HIP-3 deployer for traditional-asset perpetual markets on Hyperliquid.
Those listed as attendees included Hyperliquid Policy Center CEO Jake Chervinsky and Bradley Bourque, Highland Labs representatives Jeff Yan and @Iliensinc, XYZ Ltd.’s Collins Belton, and Sullivan & Cromwell lawyers Colin D. Lloyd, Ashray Gautam, Natasha Vasan, and Matthew H. Kalinowski.
SEC keeps talking with crypto firms
The meeting adds to the SEC Crypto Task Force’s ongoing discussions with companies and organizations across the digital asset industry. Since its creation, the task force has been meeting with different market participants to learn more about blockchain technology, crypto trading platforms, and the challenges companies face under existing regulations.
For instance, the SEC met with Ripple Labs, its institutional prime brokerage arm Ripple Prime, and law firm Katten Muchin Rosenman LLP on March 20, 2026, to discuss crypto regulation. During that meeting, they discussed the stablecoin rules as well as areas where the company believes clearer regulatory guidance is needed.
Platform activity reaches new high
For Hyperliquid, the meeting provided an opportunity to explain its protocol and introduce the organizations supporting its development.
The company’s native ecosystem has continued to record strong activity this year. The platform’s total open interest reached about $11.07 billion on Monday, its highest level in 2026. The figures show that much of the growth came from Hyperliquid’s native HIP-3 markets, which include tokenized equities and commodities.
According to the data, HIP-3 markets accounted for approximately $3.69 billion of total open interest as trading in real-world assets (RWAs) reached a new all-time high on the platform.
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