Trump Greenlights Hyperliquid's US Entry, Sends Shockwaves Through Crypto Market
The White House has given the green light for US regulators to bring cryptocurrency giant Hyperliquid into the country, signaling a new shift in the domestic exchange market. Former President Trump stated that American regulators are working to bring Hyperliquid into the United States, citing Chairman of the Commodity Futures Trading Commission (CFTC) Michael Selig's efforts to do so.
Hyperliquid operates outside the US and is not open to US traders, but bringing it domestically would allow these users to access the platform legally under US regulation. The platform was co-founded by Jeff Yan, a former trader at Hudson River Trading, and its primary developer, Hyperliquid Labs, is headquartered in Singapore.
The remarks from Trump triggered ripple effects across the asset ecosystem associated with Hyperliquid, including the platform's native cryptocurrency, HYPE, and Hyperliquid Strategies Inc., a publicly listed company formulating strategies around holding this token. Shares of Hyperliquid Strategies surged as much as 31% on Wednesday after trading under the ticker symbol PURR.
Meanwhile, shares of major US exchange operators fell to intraday lows. CBOE Global Markets dropped as much as 6.1%, while CME Group declined by up to 3.4%. The comments from Trump demonstrate how rapidly the regulatory and political landscape for digital assets is shifting, according to Ayesha Khiani, Chief Operating Officer of Monarq Asset Management.