CFTC plan could let Hyperliquid offer U.S. access

On Aug. 19, President Trump stated that Commodity Futures Trading Commission Chair Michael Selig is working to bring Hyperliquid into the United States in a compliant, legal way. The next day, at a meeting of the CFTC’s Innovation Advisory Committee, Selig directed staff to explore a new regulatory category that could allow on‑chain venues to operate under U.S. rules.

Selig instructed agency staff to examine rules that would create a designated contract market category for digital platforms, referring to the model as a “crypto asset market.” He said the project would proceed if Congress does not pass the CLARITY Act, and that staff will engage directly with developers of on‑chain protocols to identify legal ways to offer those systems inside the U.S.

Hyperliquid is a wallet‑native, largely on‑chain platform that currently blocks U.S. persons from its interface. Market data compiled around the platform show perpetual futures volume on the order of $200 billion over a 30‑day period, more than $114 billion reported in August, open interest above $10 billion, and cumulative perpetual volume exceeding $5 trillion. Protocol fee estimates point to roughly $50 million in monthly revenue. After the president’s remarks, the platform’s HYPE token rose past $70, about 20% higher since Aug. 19.

Existing CFTC rules were written for centralized intermediaries such as registered exchanges, clearinghouses and futures commission merchants. Agency officials noted several operational questions that must be resolved if a crypto asset market category is formalized. Regulators need to identify who would hold regulatory responsibility when a protocol runs on‑chain but a user interface is hosted by a distinct entity; determine where identity verification and jurisdictional checks would occur; decide which party would monitor trading for manipulation; set oversight standards for leverage and liquidation mechanics; and establish how customer collateral and stablecoin margin would be safeguarded.

The commission has already approved one on‑shore perpetual product. In May, the agency cleared KalshiEX’s BTCPERP contract, a perpetual tied to spot Bitcoin listed on a registered U.S. exchange. Agency officials have said the lack of a clear U.S. pathway contributed to offshore growth in perpetuals and fragmented liquidity.

Hyperliquid has not filed a public registration application for U.S. operations. To offer services to American customers under current or new rules, the platform would need to confirm a U.S. legal entity to operate a domestic business, disclose any required protocol changes, publish a KYC architecture and list the products it would make available in the U.S. President Trump’s statement did not announce approval; Selig’s direction to staff outlines the regulatory route the agency is considering.

Regulators and market participants have described several possible outcomes. One outcome would be formalizing a crypto asset market category that allows on‑chain venues to operate under tailored rules while preserving aspects of their architecture. Another outcome would limit U.S. access through strict front‑end controls, gating or mandated partners. A third outcome would apply existing designated contract market, clearing and brokerage rules to on‑chain venues, which would require greater centralization or continued geofencing of U.S. users.

Work on a formal regulatory pathway is ongoing at the agency level and will involve technical engagement with protocol developers and legal work to align on‑chain models with U.S. regulatory obligations.