Ansem says Kraken’s CFTC licenses could make a Hyperliquid HIP-3 tie-up viable

Ansem said on X that Kraken could be a potential partner for Hyperliquid if the protocol wants to operate in the U.S. on a compliant basis. His argument centers on two pieces: product fit and regulatory coverage. According to Ansem, Hyperliquid would likely need a partner that understands its product structure while also holding a full set of relevant U.S. regulatory approvals, and Kraken may fit that profile. He pointed to Kraken’s recent acquisitions of NinjaTrader and Bitnomial, saying those deals leave its parent company, Payward, with FCM, DCM and DCO licenses under the Commodity Futures Trading Commission, or CFTC, framework. At the same time, he said Hyperliquid has already built the needed infrastructure through HIP-3. On that basis, Kraken could theoretically join as a new participant and offer related products in a way similar to TradeXYZ. Ansem also referenced Arjun Sethi’s repeated public comments that Kraken wants to play a “positive-sum game.” In his view, Kraken’s upside is being materially underestimated among existing U.S. centralized exchanges, and a deal of this kind, if it happens, could expand Kraken’s market reach and add an important business line.