Overview
- President Trump said on Wednesday that Commodity Futures Trading Commission Chair Michael Selig is working to bring Hyperliquid into the United States in a fully compliant and legal fashion.
- Markets reacted immediately with the HYPE token rising about 18–19 percent, shares of Hyperliquid Strategies (PURR) jumping around 30 percent, and a marked spike in call buying and options volume.
- CFTC officials have signaled they intend to design a tailored regulatory framework for onchain perpetuals, building on the agency’s May authorization of certain bitcoin perpetual contracts as a precedent.
- Hyperliquid remains based offshore and closed to U.S. users; onshoring would likely require identity checks, market surveillance and reporting that could change how the non‑custodial Layer‑1 exchange operates.
- If regulators approve a workable onshoring path, U.S. traders would gain regulated access to deep onchain liquidity and the decision could become a template that other decentralized derivatives venues and incumbent exchanges will watch closely.