Trump's Statement Sends Hype Token Soaring as CFTC Eyes Hyperliquid Entry

US President Donald Trump's statement at an event at the White House on August 19 has sent shockwaves through the crypto market. During a speech, Trump mentioned that CFTC Chair Mike Selig is working to bring Hyperliquid, a decentralized perpetual contracts platform, into the US in a 'compliant and legal' manner.

The announcement was made at an event attended by leaders of Coinbase, Ripple, and Robinhood, among others. The HYPE token, associated with Hyperliquid, surged 11% after Trump's statement, according to CoinDesk. However, BeInCrypto reports a 6% increase over 24 hours.

Hyperliquid currently blocks access to its services for American residents due to regulatory constraints. To enter the US market, the platform would need to comply with registration, customer protection, and market surveillance obligations imposed on traditional derivatives exchanges.