President Donald Trump has revealed that US regulators are working to bring the rapidly expanding cryptocurrency platform Hyperliquid into the United States, marking one of the clearest indications yet that the White House aims to attract a key component of the industry's offshore market infrastructure to domestic soil.
Speaking at a White House event, Trump referenced Commodity Futures Trading Commission (CFTC) Chairman Michael Selig, stating, "I understand Mike is also working very hard to bring Hyperliquid into the US in a fully compliant and legal way." Hyperliquid currently operates outside US jurisdiction and has not been made available to American traders. A move into the country would permit users to access the platform legally under US regulatory oversight.
The exchange was co-founded by former Hudson River Trading trader Jeff Yan, with its primary developer, Hyperliquid Labs, headquartered in Singapore. The remarks immediately triggered a ripple effect across the asset ecosystem tied to Hyperliquid, including its native cryptocurrency HYPE and the publicly listed company Hyperliquid Strategies Inc, which devises strategies around holding the token. Shares of Hyperliquid Strategies, trading under the ticker PURR, spiked as much as 31% on Wednesday. The firm functions as a digital asset treasury, effectively a listed vehicle that accumulates cryptocurrencies, with its focus on HYPE offering traditional equity investors an indirect way to bet on Hyperliquid's growth.
Meanwhile, shares of major US exchange operators fell to their session lows. Cboe Global Markets dropped as much as 6.1%, while CME Group declined as much as 3.4%. Hyperliquid is a crypto exchange best known for perpetual futures, leveraged contracts that allow traders to speculate on cryptocurrency prices without an expiration date. This year, it captured Wall Street's attention after drawing demand for contracts tied to real-world assets such as equities and commodities.
The platform runs on its own namesake blockchain and has grown into a significant venue for a trading model that has historically thrived mostly abroad due to regulatory constraints. "Trump's comments on Hyperliquid and the immediate reaction in HYPE are yet another reminder of how quickly the regulatory and political landscape for digital assets is shifting," said Ayesha Kiani, Chief Operating Officer at Monarq Asset Management. "What's notable isn't just the price action, but how decentralized market infrastructure is increasingly entering mainstream policy discussions."
The CFTC has recently laid out conditions for regulated US platforms to offer perpetual futures products, part of the Trump administration's broader push to bring crypto businesses and trading activity into the American financial system. It remains unclear exactly how a platform like Hyperliquid could legally offer perpetual contracts in the US, and compliance requirements could potentially dilute its decentralized appeal. Regardless, a path into the US would open Hyperliquid to a much larger customer base and deeper pools of capital, while also testing whether a trading model originally forged outside traditional American rules can function within them.
"Hyperliquid has been the poster child for convergence, where traditional asset classes trade, post margin, and settle 24/7 on crypto rails," said Joshua Lim, Co-Head of Global Markets at FalconX. "It's very exciting to see the government and regulators acknowledging them as market structure innovators and opening access to US market participants."