Trump's Push for Hyperliquid US Entry Could Take Up to 12 Months
A Hyperliquid US entry could take up to 12 months, according to former SEC senior counsel Ashley Ebersole. President Donald Trump recently mentioned that regulators were working on a compliant route for the perpetual futures platform.
Ebersole explained that U.S. law does not currently provide a straightforward regulatory pathway for offering crypto perpetual futures to U.S. retail customers in the form they trade offshore.
A compliant structure could involve registration requirements covering the trading venue, clearing, and intermediaries, which would address only part of the problem. The main issue is that regulators need to determine whether Congress has already given them sufficient authority over the products and then establish rules under which perpetuals could legally be offered.
The existing U.S. regulatory architecture was not designed around offshore-style perpetuals, so a lot of regulatory 'building' would be needed, according to Ebersole. Regulators could use formal rulemaking, exemptive relief, or a combination of both to create such a pathway.