• The SEC's Crypto Task Force met with Hyperliquid representatives, Trade[XYZ] and Sullivan & Cromwell LLP.
• The meeting centered on regulatory approaches to digital assets.
• The meeting comes as lawmakers move to advance the CLARITY Act, which is backed by President Donald Trump.

The US Securities and Exchange Commission's (SEC) Crypto Task Force met with representatives from the Hyperliquid Policy Center, XYZ Ltd., which operates Trade[XYZ] and Sullivan & Cromwell LLP to discuss regulatory approaches to digital assets, according to a memorandum released Tuesday.

The meeting focused on broader issues related to crypto asset regulation, with participants providing an overview of the Hyperliquid ecosystem, including the protocol's technology, markets and key participants. It also dwelt on potential pathways for compliant access to onchain markets.

Industry representatives attend meeting with Crypto Task Force

According to the memorandum, the meeting was requested by the participating organizations. Attendees from the Hyperliquid Policy Center included CEO Jake Chervinsky and Bradley Bourque. Hyperliquid Labs was represented by Jeff Yan and Iliensinc, while Collins Belton attended on behalf of XYZ Ltd.

The legal delegation from Sullivan & Cromwell included Colin D. Lloyd, Ashray Gautam, Natasha Vasan, and Matthew H. Kalinowski.

The memorandum also notes that participants submitted supporting materials for discussion, although the SEC did not disclose their contents.

SEC continues engagement with crypto industry

The meeting comes as the SEC expands its engagement with digital asset market participants through its Crypto Task Force, established to evaluate regulatory issues in blockchain-based financial markets.

The agency has recently outlined a broader regulatory agenda that includes proposed rules for crypto asset offerings, broker-dealer obligations, custody requirements and digital asset market structure.

While no regulatory decisions or commitments emerged from Tuesday's meeting, the engagement highlights the SEC's ongoing dialogue with participants across the digital asset industry as it develops its approach to oversight of the crypto market.

This is not the first time the SEC's Crypto Task Force has engaged with digital asset industry participants. The Task Force has held several meetings with crypto companies to gather feedback on issues including market structure, decentralized finance (DeFi), custody and tokenization.

Recent engagements have included meetings with American CryptoFed DAO, Miden, Phylax Systems and representatives from South Korea's National Assembly. The agency has also received written submissions from firms such as Uniswap Labs, Ripple and Consensys.

The development comes as President Donald Trump and Republican lawmakers continue pushing the Senate to pass the Digital Asset Market Clarity Act (CLARITY) before the August recess.

The legislation seeks to establish a comprehensive federal framework for digital assets by clarifying the regulatory responsibilities of the SEC and CFTC. It also aims to provide greater legal certainty for developers and support innovation in areas such as DeFi and tokenization.

HYPE is trading at $65.5, up more than 3% over the past 24 hours at the time of publication.