President Donald Trump said US regulators are working to bring Hyperliquid, a fast-growing crypto platform, into the country, offering one of the clearest signals yet that the White House wants to pull a major piece of the industry’s offshore market infrastructure onshore.
“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion. Working very hard on that,” Trump said at a White House event, referring to Commodity Futures Trading Commission Chairman Michael Selig.
Hyperliquid operates outside the US and is not officially open to American traders. Bringing it onshore would mean giving it a legal way to use the platform under US oversight.
It was co-founded by Jeff Yan, a former trader at Hudson River Trading. The main developer of the platform, Hyperliquid Labs, is based in Singapore.
The comments immediately rippled through an ecosystem of assets tied to Hyperliquid, including HYPE, the platform’s cryptocurrency, and Hyperliquid Strategies, a publicly traded company whose strategy is built around holding the token.
Shares of Hyperliquid Strategies, which trades under the ticker PURR, jumped as much as 31 per cent on Aug 19. The company is a digital-asset treasury, essentially a listed vehicle that accumulates cryptocurrency, and its focus on HYPE gives traditional equity investors an indirect way to bet on Hyperliquid’s growth.
Shares of mainstream US exchange operators fell to session lows. Cboe Global Markets declined as much as 6.1 per cent while CME Group fell as much as 3.4 per cent.
Hyperliquid is a crypto exchange best known for perpetual futures, leveraged contracts that allow traders to speculate on cryptocurrency prices without an expiration date.
It has captured Wall Street’s attention this year after drawing demand for contracts tied to real-world assets, including equities and commodities.
The platform, which runs on its namesake blockchain, has grown into a major venue for a kind of trading that historically flourished largely outside the US because of regulatory restrictions.
“Trump’s comments on Hyperliquid and the immediate reaction in HYPE are another indication of how quickly the regulatory and political backdrop for digital assets is shifting,” said Ayesha Kiani, chief operating officer at Monarq Asset Management.
“What’s notable isn’t just the price move but it’s that decentralised market infrastructure is increasingly entering mainstream policy conversations.”
The CFTC has recently laid out conditions under which regulated US platforms can offer perpetual contracts, part of a broader Trump administration effort to move crypto businesses and trading activity into the American financial system.
Exactly how a platform like Hyperliquid can legally offer perps products in the US remains unclear, with compliance requirements potentially undercutting its decentralised appeal.
In any case, a path into the US would open Hyperliquid to a much larger pool of customers and capital, while testing whether a trading model initially forged outside traditional US rules can be operate within them.
“Hyperliquid has been the poster child for convergence: the idea that traditional asset classes are going to be traded, margined and settled 24/7 on crypto rails,” said Joshua Lim, global co-head of markets at FalconX.
“It’s exhilarating to see the administration and regulators acknowledge them as a market structure innovator and opening up access to US market participants.” BLOOMBERG
