Hyperliquid's US Entry Tied to Regulatory Progress

American perpetual futures platform Hyperliquid may be able to enter the US market if regulators work quickly, but even then it could take up to a year, according to former SEC senior counsel Ashley Ebersole.

Ebersole explained that bringing Hyperliquid to the US would require more than just securing CFTC registration or approval. The platform's crypto perpetual futures would need to be determined to fall under either the CFTC's derivatives authority or the SEC's securities jurisdiction, which could create a complex framework for regulators.

Ebersole noted that Congress has been urged by President Donald Trump to advance the Digital Asset Market Clarity Act, which aims to establish clearer boundaries between SEC and CFTC oversight of digital assets. A compliant structure for Hyperliquid could involve registration requirements covering trading venues, clearing, and intermediaries, as well as separate SEC requirements for securities-linked contracts.

Ebersole estimates that the administrative process would take 10-12 months even if regulators actively pursue a compliant route. He suggested that existing law could offer a faster route, but warned that it would provide less legal certainty.