Trump's Comments Spark Hope for US-Based Crypto Traders as CFTC Seeks Compliance Path

President Donald Trump's recent comments have sparked hope for US-based cryptocurrency traders. Trump stated that CFTC Chair Michael Selig is working to bring Hyperliquid, a $200 billion on-chain venue, into compliance with US regulations.

The current Hyperliquid interface keeps US persons off the platform due to regulatory geography. However, Hyperliquid processed over $114 billion in perpetual futures trading volume in August and carries open interest above $10 billion.

CFTC Chair Michael Selig has acknowledged that the agency's existing framework needs rethinking for wallets, decentralized protocols, and other on-chain systems. A workable path would require resolving several issues, including who counts as the regulated operator and where identity verification happens.

Selig has directed staff to explore rules that could designate both current registrants and non-registrant crypto exchanges as a type of designated contract market called a crypto asset market. This designation would allow leveraged or margined crypto trading under rules built specifically for that purpose.