Trump stated that U.S. regulators are pushing the decentralized perpetual contract trading platform Hyperliquid to enter the U.S. market in a "fully compliant and legal" manner; specific regulatory pathways, licensing entities, or timelines have not yet been disclosed in public English information.

Hyperliquid is a decentralized trading platform operating on its own blockchain, with its core product being perpetual contracts, allowing users to trade leveraged contracts on crypto assets using collateral on-chain; the key to its U.S. entry is not the rules for spot token issuance, but rather derivatives trading, customer identity verification, market monitoring, clearing risks, and investor protection requirements.

U.S. regulation of crypto perpetual contracts typically involves the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), depending on the specific underlying assets and contract structures; offering leveraged derivatives to U.S. retail customers may require compliance with commodity exchange, futures commission merchant, swap execution facility, or other registration framework requirements.

The SEC recently proposed "Regulation Crypto Assets," which sets a $5 million four-year exemption and a $75 million annual exemption for certain token financing and investment contracts, but this rule primarily addresses token issuance and securities characteristics and does not directly authorize perpetual contracts to be opened to U.S. customers.

The HYPE token of Hyperliquid rose to over $59 around the time of the news, increasing about 7.5% over the past week; this price movement reflects market expectations for potential regulatory entry and should not be interpreted as approval for U.S. operations or that the platform has obtained the necessary licenses.

In market mechanisms, potential buyers are U.S. institutions and qualified retail participants wishing to trade crypto derivatives on-chain, while potential sellers are market makers providing liquidity, hedging, and leveraged exposure; the event is driven by expectations of U.S. compliance entry. If the regulatory pathway is clarified, trading volume, collateral demand, and liquidity provision needs may flow to Hyperliquid; centralized exchanges' perpetual contract businesses and existing U.S. compliant derivatives platforms may face competition, but until formal documents, registration status, and operational restrictions are disclosed, related expectations remain policy-driven.

Source: Public Information