Hyperliquid Establishes Policy Center for DeFi

HYPE-Backed Hyperliquid Policy Center

Hyperliquid has established a new advocacy organization called the Hyperliquid Policy Center to push for policy changes in the US Congress for decentralized finance (DeFi). The Washington DC-based organization has appointed experienced crypto lawyer Jake Chervinsky, former general counsel at Variant and former policy chief at the Blockchain Association, as founder and CEO. The organization aims to create a clear and regulated path for the development of DeFi in the US by focusing on perpetual derivatives and blockchain-based financial infrastructure.

Hyperliquid, as a layer-1 blockchain and perpetual futures exchange, has gained popularity recently among investors turning to commodity trading and plans to expand into prediction markets. Trading volume for HYPE futures is increasing on the platform, while the Hyper Foundation donated 1 million Hyperliquid (HYPE) tokens to finance the organization’s establishment. Chervinsky emphasized that blockchain technology will transform traditional finance and stressed that the US needs to adopt innovative rules. Hyperliquid CEO Jeff Yan stated that they aim to address the lack of a unified voice in policy discussions. The bill defining crypto regulation in Congress is stuck in the Senate.

Source: Jake Chervinsky

HYPE Technical Outlook and Supports/Resistances

HYPE price is currently at $28.48, with a 24-hour change of -%2.23. RSI at 45.82 shows a sideways trend, while Supertrend gives a bearish signal. EMA 20: $30.0874.

• Supports: S1 $28.2800 (⭐ Strong, -0.77%), S2 $22.8934 (⭐ Strong, -19.67%)
• Resistances: R1 $28.5669 (⭐ Very Strong, +0.23%), R2 $31.0356 (⭐ Strong, +8.90%)

For a detailed review, visit the HYPE detailed analysis and futures pages. This move could strengthen the HYPE ecosystem.