Hyperliquid Policy Center pushing regulatory framework for onchain perps in US markets. CEO Chervinsky argues onchain infrastructure offers superior efficiency and resilience vs legacy systems—targeting institutional-grade market structure under compliant framework. Key thesis: regulatory clarity unlocks capital flow into onchain derivatives, potentially shifting liquidity from offshore venues. Watch for CFTC positioning and whether traditional exchanges respond with hybrid models. Risk: regulatory capture could favor incumbents over decentralized protocols.