Hyperliquid's US Market Entry Path Unfolds as Regulators Clear Path for Permissioned HIP-3
The US market entry path for Hyperliquid via the permissioned HIP-3 model needs to be clearly laid out.
The focus of rulemaking for the U.S. crypto market is shifting from Congress to regulators, and three key events have unfolded: where legislation has stalled, what this means for HYPE, and how the permissioned HIP-3 brings US clients into Hyperliquid.
According to Jake Chervinsky of the Hyperliquid Policy Center, 'We didn't get Clarity this week, but we secured certainty on the path forward.'
The SEC and CFTC jointly issued an interpretation on how securities laws apply to crypto assets in March 2025, replacing the SEC staff's 2019 framework.
On September 17, the CFTC approved a letter allowing frontends to route users to registered US brokers and exchanges without registering as introducing brokers.
The permissioned HIP-3 model does not require Hyperliquid to register on its own; licensed institutions can build their own markets on top of its infrastructure.