Trump says Hyperliquid could enter the US through regulated partnership

The push for US entry

President Donald Trump has stated that his administration wants to bring the decentralized exchange Hyperliquid into the United States in a "fully compliant and legal fashion." The goal is to allow US traders to access Hyperliquid's popular perpetual futures contracts, which let users bet on crypto prices around the clock.

However, Hyperliquid is not currently available to US traders. A recent proposal suggests a middle ground where the platform might provide the underlying technology and liquidity, but US users would access the product through a regulated intermediary rather than the direct platform.

Key numbers and players

• President Trump announced the compliance goal last month.
• Kraken's parent company, Payward, is reportedly working with the CFTC to offer the product.
• Bitnomial, a CFTC-regulated platform, would likely serve as the regulated route for US users.

What a partnership would look like

Nansen research analyst Nicolai Sondergaard explained that the proposed arrangement would create a separate US product built around Hyperliquid's infrastructure. This would allow Hyperliquid to provide technology and market design without opening its current permissionless venue to American users.

Sondergaard noted that this structure would include "know your customer" checks, sanctions screening, and customer fund protections. However, he warned that US users would likely see fewer markets, lower leverage, and more conservative risk controls compared to international users.

Regulatory challenges ahead

Former SEC senior counsel Ashley Ebersole said that both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) would likely need to be involved in writing new interpretive rules. She stated that while partnerships like the one between Kraken and Bitnomial provide a "regulatory head start," rule changes are typically slow and could take up to a year.

The Hyperliquid Policy Center has urged both agencies to adopt a harmonized framework for perpetual contracts. The CFTC recently cleared the way for bitcoin perpetual futures, and Coinbase is currently seeking SEC approval to list equity perpetuals.

Concerns from critics and legacy firms

Not everyone supports the move. Mark Hays of Americans for Financial Reform criticized the administration's push, citing a "long pattern of collusion between the administration and the crypto industry" and warning of potential financial instability.

Additionally, Terrence Duffy, CEO of the Chicago Mercantile Exchange (CME), has opposed crypto perpetuals, calling them a "disaster waiting to happen" and suing the CFTC over its previous approvals.

Why it matters

If Hyperliquid launches an operational US venue, it could pressure traditional markets to move toward around-the-clock trading. US markets typically operate from 9:30 a.m. to 4 p.m. ET, but digital asset exchanges trade 24/7. This shift could redefine how investors interact with financial markets in the United States.

What is still unclear

The final structure of the partnership has not been formally announced. It remains uncertain whether the Trump administration can complete these regulatory changes before the 2028 presidential elections, which could shift priorities if a new administration takes office.

Source

• The Block