Hyperliquid Founder: Hopes US Regulators Will Treat L1 Blockchains as Infrastructure Rather Than Exchanges

Odaily News: Hyperliquid founder Jeff Yan said in an interview that he hopes US regulators will recognize the Hyperliquid L1 blockchain as infrastructure rather than an exchange, and place compliance responsibility primarily on institutions operating trading markets on the chain.

This proposal could potentially allow regulated intermediaries such as Bitnomial and Kraken to provide on-chain perpetual contract trading services to US users without requiring Hyperliquid itself to complete the full exchange registration process, thereby further integrating traditional finance with the on-chain ecosystem.

However, Hyperliquid's offshore structure may still face opposition from the US Congress and the Commodity Futures Trading Commission (CFTC), and the related regulatory path remains uncertain. (Bloomberg)