President Donald Trump says US regulators are working on a path that could allow Hyperliquid to enter the American market under a compliant legal structure, putting fresh attention on one of crypto’s largest onchain perpetual futures platforms.
Trump made the remarks on Wednesday during a White House meeting attended by crypto executives, financial market leaders and senior regulators. He specifically referred to Commodity Futures Trading Commission Chair Michael Selig as the official leading the effort.
“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion. Working very hard on that.”
The comments triggered a strong market reaction, although no formal approval or launch plan has been announced.
Key Takeaways
- Trump said CFTC Chair Michael Selig is working on a compliant path for Hyperliquid to enter the US market.
- HYPE rallied sharply after the remarks, trading around $69.11 at 03:11 UTC on Thursday, up 18.41% over 24 hours, according to CoinGecko data.
- The CFTC has not announced an approval, registration framework or launch timeline for Hyperliquid.
- Selig’s Innovation Advisory Committee is scheduled to meet Thursday, with crypto assets, artificial intelligence and prediction markets on the agenda.
Hyperliquid Could Gain a Path Into the US Derivatives Market
Hyperliquid has become one of the most closely watched decentralized trading platforms in crypto because of its focus on perpetual futures. Perpetual futures allow traders to speculate on the price of an asset without owning it directly and without dealing with a fixed contract expiry date. These products have become a major source of trading volume across offshore crypto markets.
Hyperliquid currently restricts US users, meaning any move into the country would require the platform to operate within CFTC rules. Trump’s comments suggest regulators are exploring how that could happen.
However, the remarks should not be interpreted as regulatory approval. The CFTC has not published any formal action involving Hyperliquid, and neither the agency nor Hyperliquid has disclosed a proposed US structure.
Selig has previously expressed support for creating a regulatory pathway for onchain markets. Speaking earlier this year, he said blockchain based trading systems such as Hyperliquid could reshape financial markets and that regulators should find ways to bring those platforms into the US while requiring compliance. That position appears consistent with Trump’s latest comments.
HYPE Rallies as Traders Price in US Access
Hyperliquid’s native token, HYPE, surged following the White House remarks.
CoinGecko data showed HYPE trading around $69.11 at 03:11 UTC on Thursday, up 18.41% over the previous 24 hours. Other reports showed the token briefly trading above $72 during the rally.
Nasdaq listed Hyperliquid Strategies reportedly gained more than 30% during Wednesday’s session, while exchange traded products linked to HYPE also moved higher. The strong response reflects how much value traders are placing on potential access to the US derivatives market.
The United States remains one of the world’s largest markets for regulated futures and institutional trading. A compliant US pathway could significantly expand Hyperliquid’s potential user base and increase competition with established trading venues.
Regulatory Questions Remain Unanswered
Bringing Hyperliquid into the US would not be straightforward. Its current structure relies heavily on onchain infrastructure and noncustodial trading, while US derivatives markets operate under strict registration, surveillance and compliance requirements.
Any regulatory pathway may need to address identity verification, market manipulation controls, sanctions screening, leverage restrictions and the legal responsibilities of entities connected to the protocol. Traditional exchanges have also raised concerns about offshore perpetual markets.
CME Group and Intercontinental Exchange have reportedly pushed regulators to examine platforms such as Hyperliquid more closely over concerns about price manipulation and regulatory gaps. Those concerns could influence how the CFTC designs any future framework.
CFTC Meeting Could Offer More Clarity
Attention now turns to the CFTC’s Innovation Advisory Committee, which is holding its inaugural meeting on Thursday at 1 PM EST. The published agenda includes crypto assets, artificial intelligence and prediction markets, although Hyperliquid is not specifically listed.
Selig said the committee will examine how emerging technologies and financial products are reshaping markets.
“America has long been the global hub of financial innovation.”
The meeting could provide more insight into how the CFTC intends to approach decentralized derivatives platforms, although there is no guarantee that Hyperliquid will be discussed directly.
Conclusion
Trump’s remarks have raised expectations that Hyperliquid could eventually gain regulated access to the US market, but the process remains at an early stage. The CFTC has not approved Hyperliquid, disclosed a compliance framework or provided a launch timeline. For now, the clearest signal is political and regulatory interest in bringing more onchain derivatives activity under US supervision.
For Hyperliquid, a successful pathway into the United States could open a major new market. The next important development will be whether Selig and the CFTC provide concrete details on what compliance would actually require.
