The Hyperliquid Policy Center urged the SEC to clarify whether unregistered trading services, decentralized exchanges, and on-chain protocols can legally facilitate secondary market transactions for tokens issued under proposed exemptions.

Cryptocurrencies, blockchains, and the broader on-chain economy.

How governments worldwide set rules for digital assets through legislation, agency rulemaking, licensing regimes and court fights.

Non-custodial trading protocols enabling peer-to-peer asset swaps on-chain.