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The Hyperliquid Policy Center (HPC) praised Securities and Exchange Commission (SEC) Chair Paul Atkins on Friday for what it described as an ambitious effort to improve clarity for on-chain markets. SEC’s On-Chain Guidance Agenda Atkins’ remarks centered on four key areas where he said the Commission should provide more guidance on how regulatory principles translate into the context of on-chain activity. He said that participants should have a clear sense of how on-chain trading systems can function within the regulatory perimeter. Looking ahead, he noted that while the SEC may consider a limited “innovation pathway” soon, he also argued the agency should think about what a future-proof framework could look like. In his view, that framework would take the form of notice-and-comment rulemaking, and it would specifically address how the SEC’s “exchange” definition applies to on-chain trading systems. A third area of emphasis was the definition of a “clearing agency” as it applies to on-chain clearing and settlement. Atkins said rulemaking may be necessary to confirm which general-purpose activities fall outside that definition. Finally, Atkins called for additional clarity surrounding what are commonly referred to as “crypto vaults.” He described crypto vaults as on-chain software applications that allow users to earn yield passively by deploying their assets into yield-generating opportunities on-chain. He said the Commission should address the relevant Securities Act and Advisers Act touch-points as it considers these policy initiatives. Why Hyperliquid Policy Center Finds It Promising Atkins concluded by saying the SEC will keep moving forward to accommodate markets moving on-chain. At the same time, he reiterated his call for Congress to send the CLARITY Act to President Trump’s desk. He argued that while the SEC intends to “future-proof” its efforts through notice-and-comment rulemaking, there is “no more powerful” future-proofing mechanism than enshrining well-designed statutory language in law. The Hyperliquid Policy Center, led by Jake Chervinsky, said it was encouraged by Atkins’ approach of mapping on-chain clearing and settlement systems to existing legal frameworks “on their own terms,” rather than forcing them into legacy categories built for legacy architecture.
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