Trump Announces CFTC Efforts to Bring Hyperliquid to the U.S. Under Regulation
Trump Says CFTC Is Working to Onshore Hyperliquid
President Donald Trump announced that the U.S. Commodity Futures Trading Commission (CFTC), led by Chair Michael Selig, is working to bring Hyperliquid—a crypto perpetual futures platform that currently blocks U.S. users—into the country under full regulatory compliance. The statement was made during a White House event attended by financial regulators and executives from major exchanges and crypto companies.
Hyperliquid is a decentralized platform where users trade perpetual futures contracts without a central authority holding their funds. Currently, it blocks users from the U.S. and Ontario, Canada, while remaining accessible elsewhere. The CFTC has not yet confirmed a timeline or specific steps for this process.
Key Details from the Announcement
- The CFTC has not opened a public docket or received a registration application from Hyperliquid.
- Hyperliquid’s token, HYPE, rose about 19% in 24 hours following the announcement.
- Hyperliquid Strategies (PURR), a Nasdaq-listed company tied to HYPE, saw a 30.4% single-day gain.
- CME Group and Cboe Global Markets, traditional futures exchanges, fell 1.7% and 3.5% respectively.
- Hyperliquid processed $6.19 billion in trading volume over the past 24 hours and $177.9 billion over the last 30 days.
What the CFTC’s Role Could Mean
The CFTC regulates futures and derivatives markets in the U.S. Bringing Hyperliquid under its oversight would require applying rules designed for traditional exchanges—such as customer protections, identity verification, and leverage limits—to a platform that does not hold user funds. The CFTC has not yet explained how these rules would work for a non-custodial protocol.
Selig previously approved a bitcoin perpetual futures contract on a CFTC-registered exchange in May, framing it as a way to keep crypto innovation under U.S. oversight rather than pushing it offshore. He has not commented specifically on Hyperliquid’s potential onshoring.
Market and Industry Reactions
Trading activity surged in Hyperliquid Strategies options ahead of Trump’s remarks. CNBC reported that call options volume reached nearly eight times its 30-day average, with one trade occurring before the announcement. Some analysts speculated that the timing suggested possible advance knowledge, though this remains unconfirmed.
Traditional exchanges like CME and ICE have previously raised concerns about Hyperliquid’s compliance. In May, they argued that its 24/7 onchain oil perpetuals carried manipulation risks and should be federally supervised. CME later sued the CFTC over its approval of a similar product, a case that is still pending.
What Is Confirmed
- President Trump stated that CFTC Chair Michael Selig is working to bring Hyperliquid into the U.S. in a compliant manner.
- Hyperliquid currently blocks U.S. users and has significant trading volume outside the country.
- HYPE and Hyperliquid Strategies saw sharp price increases following the announcement.
- CME and Cboe shares declined after the news.
What Remains Unclear
- The CFTC has not provided details on how or when it will proceed with Hyperliquid’s onshoring.
- No public application or regulatory timeline has been announced.
- It is unknown how existing CFTC rules would apply to a non-custodial, decentralized platform.
- Whether the CFTC will require rulemaking or approve Hyperliquid on a case-by-case basis is not specified.
Why This Could Matter for Crypto Trading
If Hyperliquid is brought under U.S. regulation, it would be one of the first major decentralized perpetual futures platforms to operate legally in the country. This could set a precedent for how other decentralized finance (DeFi) platforms interact with U.S. regulators. It may also increase competition for traditional exchanges like CME and ICE, which currently dominate regulated futures trading.
For traders, access to a regulated Hyperliquid could provide a new way to trade perpetual futures without relying on centralized exchanges. However, the platform would likely need to implement changes to comply with U.S. rules, which could affect how it operates.
