Trump Administration Pushes for Hyperliquid Entry into US Markets
President Trump's administration is working to bring decentralized exchange Hyperliquid into the US 'in a fully compliant and legal fashion'. This move has sparked interest in how this could happen, given that Hyperliquid's platform is not currently available to U.S. traders.
Last month, President Trump mentioned the Commodity Futures Trading Commission would work to bring Hyperliquid into the US. Following this, Kraken's parent company said it was working with the CFTC to offer registered US users access to a selection of crypto perps linked to markets on Hyperliquid and its underlying Layer 1 blockchain through Bitnomial.
Nicolai Sondergaard from Nansen Research Analyst stated that 'it would be a separate U.S. product built around Hyperliquid's infrastructure', without actually opening the existing venue to US people. This means US users would get fewer markets, lower leverage, and more conservative risk controls than users on the permissionless venue.
However, some groups are pushing for both agencies to work together. The Hyperliquid Policy Center urged the SEC and CFTC to adopt a harmonized framework for perpetual contracts in a letter last month.