President Donald Trump has revealed that US regulators are actively working to bring the rapidly expanding cryptocurrency platform Hyperliquid into the United States, marking one of the clearest signals yet that the White House intends to onshore key components of the offshore market infrastructure.
Speaking at a White House event, Trump referenced Commodity Futures Trading Commission (CFTC) Chairman Michael Selig, stating, "I understand Mike is working very hard to bring Hyperliquid into the US in a fully compliant and legal manner." The platform, which currently operates outside US jurisdiction and does not offer access to American traders, would be permitted to operate legally under US regulatory oversight if the move succeeds.
The announcement triggered immediate ripple effects across the Hyperliquid-associated asset ecosystem. The platform's native cryptocurrency HYPE surged, along with shares of Hyperliquid Strategies Inc., a publicly traded digital asset treasury that accumulates cryptocurrencies and offers traditional investors indirect exposure to Hyperliquid's growth through its focus on HYPE. Trading under the ticker PURR, Hyperliquid Strategies shares spiked as much as 31% on Wednesday.
Conversely, shares of established US exchange operators fell to session lows. Cboe Global Markets dropped as much as 6.1%, while CME Group declined 3.4% during the trading day.
Hyperliquid, co-founded by former Hudson River Trading trader Jeff Yan and primarily developed by Singapore-based Hyperliquid Labs, is best known for perpetual futures—leveraged contracts allowing traders to speculate on cryptocurrency prices without expiration dates. The platform has recently drawn Wall Street attention by attracting demand for contracts tied to real-world assets such as equities and commodities.
Running on its own proprietary blockchain, Hyperliquid has become a significant venue for a trading model that historically flourished primarily abroad due to regulatory constraints. Ayesha Kiani, Chief Operating Officer of Monarq Asset Management, noted, "Trump's comments on Hyperliquid and the immediate reaction in HYPE demonstrate just how rapidly the regulatory and political landscape for digital assets is shifting. What's notable isn't just the price action, but how decentralized market infrastructure is increasingly entering mainstream policy discussions."
The CFTC has recently established conditions for regulated US platforms to offer perpetual contract products, part of the Trump administration's broader initiative to bring crypto businesses and trading activities into the American financial system. However, the precise mechanism by which a platform like Hyperliquid could legally offer perpetual contracts in the US remains unclear, and compliance requirements could potentially undermine its decentralized appeal.
Regardless of the challenges, a pathway to the US would grant Hyperliquid access to a significantly larger customer base and deeper capital pools, while simultaneously testing whether a trading model originally forged outside traditional American rules can function within them. Joshua Lim, Co-Head of Global Markets at FalconX, commented, "Hyperliquid has exemplified convergence—traditional asset classes achieving 24/7 trading, margin posting, and settlement on crypto rails. Seeing government and regulators acknowledge them as market structure innovators and open access for US market participants is tremendously exciting."