Hyperliquid's US Entry May Take 10-12 Months Amid Regulatory Hurdles

A pathway to bring Hyperliquid, a perpetual futures platform, into the US market could take around 10-12 months, according to former SEC senior counsel Ashley Ebersole. This timeframe assumes federal agencies actively pursue creating a compliant route for the platform.

The main obstacle is not just securing permission for Hyperliquid to operate in the country but establishing how offshore-style crypto perpetual futures fit within existing securities and derivatives laws, said Ebersole. The CFTC would likely oversee most crypto perpetuals, while securities-linked contracts could fall under SEC jurisdiction.

Ebersole estimates that building a regulatory pathway could take 10 to 12 months even if both agencies actively pursue it. Existing law could offer a faster route, but Ebersole said congressional legislation would provide more legal certainty. Any US framework created for Hyperliquid could also give Coinbase, Kraken, and other registered platforms a route to offer similar products.