Hyperliquid Policy Center says exchanges must adopt public blockchain infrastructure to stay competitive

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Exchanges must adopt blockchain

Highlights

Chervinsky stated at Digital Asset Summit 2026 Asia that every exchange, including CME Group and Intercontinental Exchange, must adopt public blockchain infrastructure within a decade to stay competitive.
Chervinsky emphasized Hyperliquid as foundational infrastructure comparable to Bitcoin, Ethereum, and Solana, supporting exchanges without functioning as a registered trading venue.
Chervinsky expects U.S. regulatory changes soon, potentially extending to perpetuals tied to various assets, improving transparency, resilience, and efficiency in financial markets.

Blockchain adoption outlook for exchanges

As first reported by The Block, Chervinsky said on Tuesday at the Digital Asset Summit 2026 Asia in Singapore that "every single exchange," including CME Group and Intercontinental Exchange, will need to adopt public blockchain infrastructure within the next decade if they want to remain competitive.

He described Hyperliquid not as an exchange but as infrastructure that different market participants, including firms in the U.S., can use. Chervinsky compared the protocol's position in the technology stack to foundational public blockchains such as Bitcoin, Ethereum and Solana, arguing that this type of technology is built to improve existing financial products rather than function as a registered exchange itself.

In his view, that distinction matters because exchanges may increasingly rely on public blockchain rails even if the underlying infrastructure is not itself organized in the same way as a conventional trading venue.

U.S. regulatory shift and market implications

Chervinsky also said onchain markets need to move further into the U.S. regulatory perimeter beyond regulated perpetual products, a step he expects to happen soon. He said broader regulatory recognition could improve transparency, resilience, security and efficiency across financial markets.

He suggested that future regulatory changes may extend to perpetuals tied to a range of underlying assets, widening the scope for onchain market activity. Chervinsky also pointed to CME Group's lawsuit against the Commodity Futures Trading Commission over the classification of perpetual futures, saying resistance from incumbent firms may reflect hesitation about adapting to new technology rather than limits in market operations.

In our earlier article on Arthur Hayes’ warning about the AI data-center boom, we covered his view that the industry may be overbuilding capacity, setting the stage for a correction by late 2027 or 2028. He argued that any subsequent bailout and excess liquidity could ultimately support bitcoin and other crypto assets, while pointing to his Flop project as a way to tokenize and trade compute in a future market for AI infrastructure.

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