Trump: Pushing Hyperliquid to Enter the U.S. Market in a Compliant Manner

Odaily News – U.S. President Trump stated that his administration is pushing the decentralized perpetual contract trading platform Hyperliquid to enter the U.S. market in a "fully compliant and legal manner." Last month, Trump said the U.S. Commodity Futures Trading Commission (CFTC) would work to facilitate Hyperliquid's entry into the U.S. market. Subsequently, Payward, the parent company of Kraken, announced it is cooperating with the CFTC to offer registered U.S. users certain crypto perpetual contract products related to Hyperliquid's market and its underlying Layer 1 blockchain through the CFTC-regulated platform Bitnomial.

Nansen research analyst Nicolai Sondergaard believes this arrangement could allow Hyperliquid to provide some of its underlying technology, liquidity, or market design without directly opening its existing platform to U.S. users—essentially building a standalone U.S. market product around Hyperliquid's infrastructure. He noted that U.S. users may have access to fewer markets, lower leverage, and more conservative risk controls. At the same time, he opposes comprehensive KYC implementation, arguing that a one-size-fits-all KYC approach would undermine legitimate users' privacy and permissionless access rights, and would push liquidity toward offshore markets.