[Hyperliquid Policy Center Advocates for U.S. Regulatory Pathway for On-Chain Perpetual Contracts] The Hyperliquid Policy Center has issued a statement indicating its intention to promote the establishment of a regulatory framework for on-chain derivatives in the United States, enabling domestic users to participate in the decentralized perpetual contract market. It pointed out that current U.S. laws are designed around centralized intermediaries and lack compliance pathways suitable for decentralized trading, leading to innovation and liquidity outflows. The statement emphasized that on-chain perpetual contracts offer advantages such as self-custody, transparency, and global liquidity. With trading volumes exceeding $6.5 trillion by 2025, clear regulations are urgently needed to support industry growth.