SEC Crypto Task Force staff met with representatives of the Hyperliquid Policy Center, XYZ Ltd. and Sullivan & Cromwell on July 14 to discuss approaches to crypto-asset regulation and a document covering the Hyperliquid protocol’s technology, markets and relevant ecosystem participants. The meeting was requested by the Hyperliquid Policy Center, Hyperliquid Labs, XYZ and Sullivan & Cromwell. Hyperliquid Labs contributes software development to the protocol, while XYZ is a research and product lab building on Hyperliquid and a HIP-3 deployer for traditional-asset perpetual markets.