Hyperliquid Policy Center CEO: protocol is infrastructure, not an exchange
- —Chervinsky likened Hyperliquid to Bitcoin and Ethereum, which do not need to register as exchanges
- —He predicted every major exchange will need public blockchain infrastructure within a decade
- —The Hyperliquid Policy Center launched in February 2026, funded by a 1 million HYPE donation worth about $28–29 million
- —In September 2026, Kraken parent Payward announced plans for permissioned perpetual futures on Hyperliquid for eligible US customers
Why it matters: If US regulators accept the infrastructure framing, exchanges could offer onchain market access without the protocol itself becoming a regulated entity.
Source: Crypto Briefing
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