Jake Chervinsky, CEO of the Hyperliquid Policy Center, said at Digital Asset Summit 2026 Asia in Singapore that every exchange seeking to remain competitive — including CME Group and Intercontinental Exchange — will adopt public blockchain infrastructure within the next 10 years. He described Hyperliquid not as an exchange, but as infrastructure that different market participants can use, comparing it to networks such as Bitcoin, Ethereum, and Solana rather than an exchange venue that should register as one. Chervinsky said Hyperliquid is not trying to compete with Kalshi, Coinbase, Robinhood, or CME, arguing that it sits lower in the technology stack and can help those firms improve their products. He also said onchain markets, beyond regulated perpetual futures, need to come under U.S. regulatory oversight and predicted that would happen in the near future. His remarks came after Payward said in September that it planned to launch a permissioned perpetual futures market on Hyperliquid for U.S. customers, with CFTC-regulated Bitnomial handling listing and clearing. Trump had previously said the CFTC would bring Hyperliquid to the U.S. in a compliant manner.
Jake Chervinsky, CEO of the Hyperliquid Policy Center, said at Digital Asset Summit 2026 Asia in Singapore that "every exchange," including CME Group and Intercontinental Exchange (ICE), will adopt public blockchain infrastructure over the next decade if they want to stay competitive.
Chervinsky said Hyperliquid is not an exchange. He described it as infrastructure that can be used by different participants and compared it to Bitcoin, Ethereum, and Solana, arguing that a public blockchain has no reason to register as an exchange.
He said Hyperliquid is not trying to compete with Kalshi, Coinbase, Robinhood, or CME. Instead, he said it sits a layer lower in the technology stack and can be used by those firms to improve their products.
In his view, both crypto-native exchanges such as Kraken and Coinbase and traditional exchanges such as ICE and CME will need to integrate this technology within 10 years to remain competitive.
Chervinsky also said onchain markets, beyond regulated perpetual futures, need to come within the scope of U.S. regulation. He said he expects that to happen in the "near future."
The remarks came after Payward said in September that it planned to deploy a permissioned perpetual futures market on Hyperliquid for U.S. customers, with CFTC-regulated Bitnomial responsible for listing and clearing. Earlier, Trump said the Commodity Futures Trading Commission would bring Hyperliquid to the United States in a compliant way.
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