Donald Trump · U.S. · The Block
President Trump says he wants Hyperliquid to enter the US, here’s how it could happen
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Perpetual futures contracts on the decentralized exchange Hyperliquid have exploded in popularity over the past year, drawing traders with the ability to bet on crypto prices around the clock.
Key facts
- For decades, U.S. markets have been built to operate largely from 9:30 a.m. to 4 p.m
- Major venues such as CME already offer liquidity nearly 24 hours a day, five days a week
- CME CEO Terrence Duffy has repeatedly pushed back against crypto perpetuals, reportedly calling them a "disaster waiting to happen," and also sued the CFTC over the agency's approval of perpetual
- Mark Hays, associate director for cryptocurrency and financial technology with Americans for Financial Reform and Demand Progress, said the administration's push for platforms like Hyperliquid
Summary
Now, President Donald Trump says his administration is working to bring Hyperliquid into the United States "in a fully compliant and legal fashion," raising a deceptively simple question: How? Last month, Trump said the Commodity Futures Trading Commission would work to bring Hyperliquid into the U.S. Then, crypto exchange Kraken's parent company said it was working with the CFTC to offer registered U.S. users access to a selection of crypto perps linked to markets on Hyperliquid and its underlying Layer 1 blockchain through Bitnomial, a CFTC-regulated platform. That arrangement could allow Hyperliquid (HYPE) to provide certain parts of the underlying technology, liquidity, or market design, without opening its existing venue to people in the U.S., said Nansen Research Analyst Nicolai Sondergaard.