Trump's Comments Spark Hope for US Approval of $200B Hyperliquid
US regulators are working to bring on-chain venue Hyperliquid under their oversight. President Donald Trump said CFTC Chair Michael Selig is making efforts to approve the $200B platform in a compliant manner. Hyperliquid's current interface keeps US persons off the platform, but with over $114 billion in perpetual futures trading volume and open interest above $10 billion, it has become a significant player in the crypto market.
Hyperliquid's $HYPE token rallied 20% after Trump's remarks, reaching its highest price since early July. CFTC Chair Michael Selig stated that if the CLARITY Act stalls in Congress, the agency will use its existing authority to create a crypto market regime on its own. This would involve designating both current registrants and non-registrant crypto exchanges as a type of designated contract market called a crypto asset market.
The new designation would allow leveraged or margined crypto trading under rules built specifically for that purpose. Selig emphasized the need to rethink the agency's existing framework, which was written around centralized intermediaries, to accommodate wallets, decentralized protocols, and other on-chain systems.