Jeff Yan Pitches HIP-3 Identity Checks and Oversight in Washington

Hyperliquid co-founder Jeff Yan met with policymakers in Washington and proposed that companies operating markets through HIP-3 handle U.S. customer identity checks and market surveillance, placing those duties with the operators as the framework features in plans for U.S. access.

HIP-3 lets outside operators launch perpetual markets on Hyperliquid. Operators define markets, set oracle parameters and leverage limits, and determine settlement terms. Under Yan’s proposal, they would also take on identity checks and market oversight.

Yan has previously made the case for U.S. regulatory duties to fall on market operators. His proposal is a policy position, not an adopted U.S. rule.

Hyperliquid began testing a revised version of HIP-3 with identity verification in September.