HYPE token jumps 17% after Trump says CFTC is working to bring Hyperliquid to the U.S.

Trump announces CFTC effort to bring Hyperliquid to the U.S.

President Donald Trump said the U.S. Commodity Futures Trading Commission (CFTC) is working to bring Hyperliquid, a crypto trading platform, into the United States in a "fully compliant and legal fashion." Trump made the announcement during a press conference with technology leaders and federal agency chairs on Wednesday.

Hyperliquid is a trading platform focused on perpetual futures, a type of financial contract that lets traders bet on the price of assets like cryptocurrencies without owning them. These contracts do not expire, making them popular in crypto markets.

HYPE token and related ETFs surge after announcement

Hyperliquid’s native token, called HYPE, rose 17% in the 24 hours following Trump’s comment, according to price data. Three exchange-traded funds (ETFs) that track Hyperliquid—21Shares Hyperliquid ETF (THYP), Bitwise Hyperliquid ETF (BHYP), and Grayscale Hyperliquid Staking ETF (HYPG)—also climbed nearly 20% during the same trading session.

A Nasdaq-listed fund called Hyperliquid Strategies (PURR) jumped 30.4% on the same day.

Key details from the announcement

• The CFTC has previously allowed bitcoin perpetual futures contracts in the U.S. through platforms like KalshiEX and Coinbase.
• Hyperliquid is an onchain perpetual futures platform, meaning it operates on a blockchain, a digital ledger that records transactions.
• Some traditional exchanges, like CME and ICE, have raised concerns that platforms like Hyperliquid could be used to manipulate prices and want them registered with the CFTC.
• CFTC Chair Michael Selig said in a June interview that onchain technology like Hyperliquid will "transform our markets" and that the agency wants to create a path for these markets to operate in the U.S. under regulation.

What Trump and other leaders said

During the press conference, Trump said, "I understand Mike [Selig] is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion."

When asked if the U.S. plans to acquire large amounts of bitcoin, Trump said the Securities and Exchange Commission (SEC) would address next steps but added, "But certainly it’s been talked about. It’s taken a lot of pressure off the dollar."

Trump also urged lawmakers to pass the Clarity Act, a bill that would create federal regulations for the crypto industry. He called it "a very powerful, structured legislation, which will keep us ahead of China, keep us ahead of everyone else."

Other leaders at the press conference included CFTC Chair Michael Selig, SEC Chair Paul Atkins, and executives from Coinbase, Ripple, Nasdaq, Robinhood, Kraken, and ICE.

What is confirmed

• President Trump said the CFTC is working to bring Hyperliquid to the U.S. in a compliant way.
• HYPE token rose 17% in 24 hours after the announcement.
• Hyperliquid-related ETFs and a Nasdaq-listed fund also saw significant gains.
• CFTC Chair Michael Selig has previously expressed support for bringing onchain markets like Hyperliquid into the U.S. under regulation.
• Trump urged Congress to pass the Clarity Act, a crypto regulation bill.

What is still unclear

• The exact timeline for bringing Hyperliquid to the U.S. is not known.
• It is unclear what specific regulatory steps the CFTC will take to ensure compliance.
• The Clarity Act has faced setbacks in Congress, and it is uncertain if it will pass before the end of the year.
• Trump’s comment about bitcoin taking "pressure off the dollar" was not explained in detail.

Why this matters for crypto traders and investors

If Hyperliquid enters the U.S. market under CFTC oversight, it could provide American traders with a regulated platform for perpetual futures, which are currently popular in unregulated offshore markets. This could increase trust and participation in crypto derivatives trading.

The surge in HYPE token and related ETFs shows strong market interest in the platform’s potential U.S. expansion. However, the success of this effort depends on regulatory approvals and the passage of broader crypto legislation like the Clarity Act.

Sources

• The Block