President Donald Trump said CFTC Chair Michael Selig is working to bring crypto derivatives venue Hyperliquid into the United States in a fully compliant way, lifting HYPE and Hyperliquid Strategies while pressuring CME and Cboe shares. Hyperliquid currently geoblocks U.S. users but processes trillions in lifetime perpetual futures volume. Its allies have lobbied Washington for a non-custodial, protocol-focused regulatory approach, while incumbents CME and ICE urged regulators to curb Hyperliquid’s oil products. Onshoring Hyperliquid could put a non-custodial protocol under CFTC oversight, reshaping competition with traditional exchanges. Options activity in Hyperliquid Strategies surged, and Trump also urged Senate passage of the Clarity Act, though no CFTC docket or timetable exists.
This update represents a notable development in the Crypto sector. Organizations and founders tracking this space should evaluate potential strategic and technical implications on their operations.