@GwartyGwart For avoidance of doubt, tattoo it on your face
But I'm not your lawyer and that's not legal advice
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Jake Chervinsky
12.9K posts
Jake Chervinsky
@jchervinsky
Lawyer, but not yours. CEO @HyperliquidPC. Board @fund_defi + @blockchainassn. Advisor @variantfund. Posts are not legal / financial advice.
Washington, DC 🇺🇸 Katılım Haziran 2009
1.1K Takip Edilen149.8K Takipçiler
Jake Chervinsky retweetledi
Huge congratulations to TradeXYZ and S&P for this historic partnership. I'm honored that these teams choose to build on Hyperliquid.
Seeing official S&P500 perpetual futures launch exclusively on Hyperliquid is a validation of everyone's past years of hard work: global access to decentralized finance, perpetual futures as 24/7 price discovery, and Hyperliquid upgrading the existing financial stack to house all of finance.
The S&P500 is synonymous with "the market," a single number that captures the essence of the largest economy in the world. Looking forward to tracking the world's most important financial gauge 24/7 on the most liquid permissionless markets.
trade.xyz@tradexyz
S&P Dow Jones Indices and trade[XYZ] have joined forces to launch the first official S&P 500 perpetual contract, available exclusively on Hyperliquid. For 69 years, the S&P 500 has been a defining reference point for global finance. Until now, access to that benchmark has been shaped by market hours, intermediaries, and geography. Today, that changes. The S&P 500 perp is now available 24/7/365, anchored by the official index data required for deep liquidity and institutional confidence at scale. SPDJI helped define modern indexing. They are stewards of an iconic benchmark, the standard against which portfolios across the globe are measured. We are honored to bring that legacy on-chain. Trade[XYZ] is bringing the world's most iconic assets towards a future of global, continuous markets — a future powered by Hyperliquid.
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Amazing news: official S&P 500 perps, available on Hyperliquid.
S&P is one of the most rigorous, respected, and highly regulated financial institutions in the country.
This deal is a huge validation for onchain perps markets. Congrats to @tradexyz for making it happen 👏
trade.xyz@tradexyz
S&P Dow Jones Indices and trade[XYZ] have joined forces to launch the first official S&P 500 perpetual contract, available exclusively on Hyperliquid. For 69 years, the S&P 500 has been a defining reference point for global finance. Until now, access to that benchmark has been shaped by market hours, intermediaries, and geography. Today, that changes. The S&P 500 perp is now available 24/7/365, anchored by the official index data required for deep liquidity and institutional confidence at scale. SPDJI helped define modern indexing. They are stewards of an iconic benchmark, the standard against which portfolios across the globe are measured. We are honored to bring that legacy on-chain. Trade[XYZ] is bringing the world's most iconic assets towards a future of global, continuous markets — a future powered by Hyperliquid.
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@MTCoppel Here we are, four years and a few jobs later, and today we celebrate ❤️
Congrats and thank you for all you've done for crypto 🫡
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@jchervinsky Remember when you convinced me to join the industry full time? Remember when you said we'd win?
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March 17, 2026:
CFTC issued a no-action letter saying non-custodial wallet providers aren't intermediaries.
SEC issued a rule clarifying, finally, how the Howey test applies to crypto.
Chair Atkins announced plans for "Reg Crypto," a safe harbor for token issuers.
Surreal.
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Jake Chervinsky retweetledi
As America cements its position as the crypto capital of the world, clear rules of the road for software developers are critical. Today’s staff no-action letter delivers long overdue clarity for non-custodial digital wallet software providers.
CFTC@CFTC
.@CFTC Staff Issues No-Action Position to Self-Custodial Crypto Asset Wallet Software Provider: cftc.gov/PressRoom/Pres…
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Jake Chervinsky retweetledi
1/ Big news: @phantom has received first-of-its-kind no action relief from the @CFTC. We can now connect users to regulated derivatives markets and event contracts without registering as an introducing broker.
cftc.gov/PressRoom/Pres…
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Perps are one of crypto’s true innovations.
The concept existed before blockchains did, but this technology proved their worth. Now they’re at the very beginning of eating global financial markets.
And yet, most people have no idea what they are.
We are indeed still so early.
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Jake Chervinsky retweetledi
Perps eating global financial markets is the highest conviction thesis I’ve had in my 4 years since starting Syncracy.
If we’re right, the sector could produce $350B+ in value over the next 5 years, with the winning chain becoming one of the largest platforms in global finance.
As shared in our OG Hyperliquid thesis released over a year ago, we believe $HYPE is the fastest horse in this race.
While many skeptics view platforms like Hyperliquid as products of regulatory arbitrage, over time we believe they will come to be understood as a fundamental transformation of the global trading stack.
What was once a fragmented world of brokers, exchanges, clearinghouses, among other intermediaries, is giving way to integrated trading systems that are continuously margined, atomically settled, globally accessible, and permissionless to build on.
The case isn’t just theoretical as early signs of disruption are already visible in the data. In the early months of perps’ “real world asset” expansion they’re already impacting global financial markets — most recently functioning as a price discovery engine on weekends for oil during the Iran conflict.
We believe this is only the beginning and that perps will absorb an increasing share of leveraged directional trading that today lives in retail options, CFDs, and fixed-tenor futures. Even low single-digit penetration of these markets could produce dramatic outcomes for the sector.
In parallel, it remains under-appreciated how quickly DEXs like Hyperliquid have emerged as leaders in equity and commodity perps.
Should DEXs continue scaling these markets, it will accelerate their share gains from the likes of Binance and Coinbase while also positioning them to challenge legacy derivatives venues such as CME, who will struggle to compete due to regulatory and architectural incompatibilities.
Finally, as decentralized venues lead the growth of perps, we believe they will also expand into adjacent categories.
Perps are the hardest product to nail on blockchains and once a blockchain can successfully host perps it naturally starts to aggregate other crypto use cases as a byproduct.
We are already seeing early evidence of this with Hyperliquid’s expansion into spot trading and stablecoins, and soon prediction markets and options. It’s in this sense that perpetual DEXs are also Trojan horses for the financial platform of the future.
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Enjoyed writing this one with @defi_monk who was the first sell-side analyst to cover Hyperliquid in summer 2024 and among the leading thinkers on the sector.
Hope you all enjoy what is a very detailed and data-driven piece that was a long time in the making.
MONK@defi_monk
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Jake Chervinsky retweetledi
“At the moment, U.S. residents aren’t able to access Hyperliquid.”
The main purpose of @HyperliquidPC’s creation in one sentence, in big bold text in the Wall Street Journal.
Frank Chaparro@fintechfrank
Hyperliquid’s oil futures surged to about $7.3 billion on Thursday, from $339 million on Feb. 28 - WSJ
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@scupytrooples @marsongh7903 @amandatums I thought I'd seen every scam this place had to offer.... Unfortunately my insta lacks said trading strategies
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Jake Chervinsky retweetledi
DOJ has decided it will retry Roman Storm in the fall. Despite failing to convince a jury the first time around, despite making obvious mistakes like calling irrelevant witnesses and not understanding the forensic analysis of their own blockchain evidence, and despite multiple legal and logical fallacies to their allegations of third party dev liability, the SDNY will retry Roman Storm on counts 1 and 3 of the indictment.
Incredibly disappointing news.
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Don't make the mistake of thinking the banks only care about stablecoin yield.
The quiet part out loud:
"Holding payment stablecoin, creating liquidity in that DeFi world, that's part of the crypto roadmap, but that's not okay."
Stop them now, or they're coming for DeFi next.
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Jake Chervinsky retweetledi
The regulatory landscape for DeFi and perps in the U.S. is moving fast. We broke it down on @HyperliquidR: @HyperliquidPC, the CFTC's latest announcements, and key takeaways from @jchervinsky's interview with @ThinkingUSD.
All you need to stay up to date. Hyperliquid.
hyperliquidr.xyz/post/jake-cher…
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The banks are against the CLARITY Act because they know they can’t compete with crypto in a fair fight.
They made up a story about stablecoin yield being risky (somehow?) as an excuse to tank the bill.
It’s hard to make a deal when the other side only pretends to negotiate.
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@gsm739 @Mr__Gollum @HyperliquidPC Yes agreed. I think there will be a lot of confusion unfortunately. Still good news and forward progress, but figuring out DeFi will take longer than a month.
x.com/jchervinsky/st…
Jake Chervinsky@jchervinsky
When Chairman Selig says the CFTC will approve crypto perps in the next month, I'm guessing this means perps offered on centralized exchanges only. Right now, "perps" on CEXes are actually long-dated futures, a different product. Approval for DeFi perps will likely take longer.
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@Mr__Gollum @jchervinsky @HyperliquidPC FWIW @jchervinsky , I think you should consider getting this info out there very publicly to avoid the inevitable announcement day disappointment dump and major FUD campaign by those who don’t understand/want to do harm🤦♂️
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Wait, did @jchervinsky and @HyperliquidPC get perps approved in the US in like two weeks?
Hyperliquid Policy Center@HyperliquidPC
CFTC @ChairmanSelig laid out an exciting roadmap for the Commission's top priorities at @MilkenInstitute's Future of Finance 2026 today: "I view Project Crypto as a historic initiative between the agencies to upgrade and modernize our rules and regulations and future-proof them for technologies like crypto...." "Many of the firms want to move onchain. The prior administration drove a lot of these firms and the liquidity offshore. The perpetuals markets are a great example of this. We've had perpetual futures contracts in crypto assets for a very long time[,] but they've developed offshore[.] We've got to bring that back to the United States. We need to have that liquidity here in the U.S...." "We're working towards getting perpetual futures, true perpetual futures, not long-dated contracts, here in the U.S. within the next month or so.... We're also working towards onchain markets, so we're looking to have clear guidance as to what sort of digital wallets would implicate our regulations. The prior administration really went after firms that were just offering software products...." "We're also working towards regulations that accommodate onchain software systems, so decentralized finance protocols and other types of blockchain networks.... We're going to make sure it's very clear as to what implicates the CFTC's regulations and what doesn't, and to the extent that an onchain software system or front-end does implicate our rules or regulations, we're modernizing and future-proofing those rules so that there's a place for all of that." HPC applauds Chairman Selig's forward-thinking approach to regulation and stands ready to support his crucial work ensuring that decentralized markets for perpetual derivatives thrive in the United States. 🇺🇸
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@JamjodSnaj I can't believe people seriously think this is how U.S. law works 🤯
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@jchervinsky Lighter can loophole itself into first US compliant perp dex thru its relationships with Robinhood and Coinbase.
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When Chairman Selig says the CFTC will approve crypto perps in the next month, I'm guessing this means perps offered on centralized exchanges only.
Right now, "perps" on CEXes are actually long-dated futures, a different product.
Approval for DeFi perps will likely take longer.
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It took a year for the Senate to confirm a new CFTC Chairman, but it was worth the wait.
@ChairmanSelig announced today that the CFTC is working on new regulations for perpetual derivatives and onchain markets.
You heard right. DeFi perps are coming to the USA.
Hyperliquid 🇺🇸
Hyperliquid Policy Center@HyperliquidPC
CFTC @ChairmanSelig laid out an exciting roadmap for the Commission's top priorities at @MilkenInstitute's Future of Finance 2026 today: "I view Project Crypto as a historic initiative between the agencies to upgrade and modernize our rules and regulations and future-proof them for technologies like crypto...." "Many of the firms want to move onchain. The prior administration drove a lot of these firms and the liquidity offshore. The perpetuals markets are a great example of this. We've had perpetual futures contracts in crypto assets for a very long time[,] but they've developed offshore[.] We've got to bring that back to the United States. We need to have that liquidity here in the U.S...." "We're working towards getting perpetual futures, true perpetual futures, not long-dated contracts, here in the U.S. within the next month or so.... We're also working towards onchain markets, so we're looking to have clear guidance as to what sort of digital wallets would implicate our regulations. The prior administration really went after firms that were just offering software products...." "We're also working towards regulations that accommodate onchain software systems, so decentralized finance protocols and other types of blockchain networks.... We're going to make sure it's very clear as to what implicates the CFTC's regulations and what doesn't, and to the extent that an onchain software system or front-end does implicate our rules or regulations, we're modernizing and future-proofing those rules so that there's a place for all of that." HPC applauds Chairman Selig's forward-thinking approach to regulation and stands ready to support his crucial work ensuring that decentralized markets for perpetual derivatives thrive in the United States. 🇺🇸
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