President Donald Trump said his administration is trying to bring the decentralized perpetual contract trading platform Hyperliquid into the U.S. market in a "fully compliant and legal" way.
Last month, Trump said the Commodity Futures Trading Commission (CFTC) would be responsible for bringing Hyperliquid to the U.S. Soon after that, Payward, Kraken’s parent company, said it was working with the CFTC to offer certain crypto perpetual contract products linked to Hyperliquid's market and its underlying Layer 1 blockchain through Bitnomial, a platform regulated by the CFTC. The service would be open to registered U.S. users.
Nansen research analyst Nicolai Sondergaard said this setup could let Hyperliquid provide its underlying technology, liquidity, or market design without directly opening its current platform to U.S. users. So this would amount to a separate U.S. product built on Hyperliquid's infrastructure. He said U.S. users could end up with fewer markets, lower leverage, and tighter risk controls. And he pushed back on blanket KYC requirements, saying a one-size-fits-all KYC approach would hurt privacy and permissionless access for legitimate users while pushing liquidity offshore.