Former President Trump has publicly endorsed crypto derivatives platform Hyperliquid, signaling a strong push from the White House to bring offshore crypto trading infrastructure back to American soil.

According to a Bloomberg report on Thursday, Trump met with crypto and prediction market executives at the White House on August 19, stating that Commodity Futures Trading Commission (CFTC) Chairman Michael Selig is working to bring Hyperliquid into the US market in a "fully compliant and legal manner." This marks the most explicit statement yet from the White House regarding the platform's path to regulated US operations.

The announcement rippled through markets immediately. In the Hyperliquid ecosystem, the platform's native token HYPE saw a price surge, while Hyperliquid Strategies Inc., a publicly traded company that holds HYPE as its core strategy, spiked as much as 31% intraday. The firm operates as a digital asset treasury company, essentially serving as a listed vehicle that accumulates cryptocurrency, offering traditional equity investors an indirect way to bet on Hyperliquid's growth. Traditional exchanges felt the impact sharply, with Cboe Global Markets dropping as much as 6.1% intraday and CME Group falling up to 3.4%, both touching their session lows.

Hyperliquid currently operates outside the US and does not officially offer services to American traders. If compliance is achieved, US users would gain legitimate access to the platform within a regulated framework. Meanwhile, the CFTC has recently outlined conditions for regulated US platforms to offer perpetual futures products, providing a policy foundation for Hyperliquid's compliance pathway.

What is Hyperliquid: An Offshore Rising Star in Perpetual Futures

Hyperliquid is a crypto trading platform known for its perpetual futures offerings. Perpetual futures are leveraged contracts without expiration dates, allowing traders to speculate on cryptocurrency prices without holding the underlying asset. The platform operates on its own blockchain and was co-founded by Jeff Yan, a former Hudson River Trading trader, with its main development arm, Hyperliquid Labs, registered in Singapore.

This year, Hyperliquid has rapidly attracted Wall Street attention thanks to strong demand for contracts tied to real-world assets like equities and commodities. It has grown into a core venue for this trading category that historically thrived offshore due to regulatory constraints in the US.

Joshua Lim, co-head of global markets at FalconX, commented: "Hyperliquid has been the benchmark for the 'convergence' thesis—that traditional asset classes will achieve 24/7 trading, margin management, and settlement on crypto infrastructure. Seeing the government and regulators recognize it as a market structure innovator and open it to US market participants is exciting."

Compliance Path Remains Uncertain

Despite the clear political signal, there is still no clear answer on how Hyperliquid will legally offer perpetual futures products in the US. Compliance requirements may create tension with the platform's decentralized core characteristics. How to preserve its original operational model within a regulatory framework is a real challenge facing all parties involved.

Ayesha Kiani, COO of Monarq Asset Management, noted: "Trump's remarks on Hyperliquid and the immediate reaction from HYPE once again confirm how rapidly digital asset regulation and the political environment are shifting. What deserves attention is not just the price volatility, but how decentralized market infrastructure is increasingly entering mainstream policy discussions."

That said, if the compliance pathway is cleared, Hyperliquid would gain access to a much larger customer base and capital pool. It would also face a true test: whether a trading model forged outside traditional US rules can sustain itself within the regulatory framework.