Trump Administration Pushes for Hyperliquid Regulation in US Market
US President Trump has announced that his administration is pushing for the regulation of Hyperliquid, a decentralized perpetual contract trading platform, to enter the US market. This move follows last month's statement by Trump where he said the Commodity Futures Trading Commission (CFTC) would work on bringing Hyperliquid into the US.
Payward, the parent company of Kraken, has stated that it is collaborating with the CFTC to offer registered US users select cryptocurrency perpetual contract products through the regulated platform Bitnomial. According to Nansen research analyst Nicolai Sondergaard, this arrangement may allow Hyperliquid to provide partial underlying technology, liquidity, or market design without directly opening its existing platform to US users.
He believes that American users could gain access to fewer markets, lower leverage, and more conservative risk controls through this setup. However, he also expressed concern over the potential for full KYC (Know Your Customer) implementation, which would compromise legitimate users' privacy and unauthorized access rights, as well as drive liquidity offshore.