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

Odaily Planet Daily 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 mentioned that the U.S. Commodity Futures Trading Commission (CFTC) would work to facilitate Hyperliquid's entry into the U.S. market. Subsequently, Kraken's parent company Payward said it is cooperating with the CFTC, through the CFTC-regulated platform Bitnomial, to offer registered U.S. users certain crypto perpetual contract products related to the Hyperliquid market and its underlying Layer 1 blockchain.

Nansen Research Analyst Nicolai Sondergaard believes this arrangement could allow Hyperliquid to provide some underlying technology, liquidity, or market design without directly opening its existing platform to U.S. users, effectively 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 blanket KYC implementation, arguing that a one-size-fits-all KYC approach would weaken privacy and permissionless access for legitimate users, and push liquidity toward offshore markets.