Trump Says CFTC Is Working to Bring Hyperliquid Into the US…

President Donald Trump said the Commodity Futures Trading Commission is working on a route that could bring Hyperliquid into the U.S. under federal regulation, a comment that lifted the platform's HYPE token on Wednesday.

Speaking at a White House gathering of technology, crypto and financial industry executives, Trump said CFTC Chair Michael Selig is involved in an effort to bring Hyperliquid into the country in a fully lawful way. Hyperliquid runs one of the largest on-chain perpetual futures platforms. These contracts allow users to speculate on price moves without a fixed expiration date and have become a big part of offshore crypto derivatives trading, while U.S. access has historically been limited.

Some of that gap narrowed earlier this year after the CFTC cleared regulated U.S. venues including Kalshi and Coinbase to offer perpetual products. Selig has argued that on-chain technology could reshape financial markets and has encouraged regulators to adapt existing rules rather than leave new trading infrastructure outside the U.S. system. In June, he said agencies wanted to create a path for on-chain markets to operate domestically while complying with federal requirements.

A regulated U.S. entry would likely involve trade-offs for Hyperliquid. It could open the platform to a larger pool of institutional and retail capital, but it would also probably bring registration, market surveillance and other compliance duties that may look very different from the permissionless model behind the platform's early growth. Traditional exchanges have separately raised concerns that offshore perpetual markets can influence price discovery without being subject to the same regulatory framework as U.S. futures venues.

The market treated the announcement as a potential growth catalyst. HYPE jumped after Trump's remarks, and Hyperliquid-linked exchange-traded products also rallied. Nasdaq-listed Hyperliquid Strategies advanced 30.4% to $9.39 on Wednesday, according to market data. That response does not guarantee approval, and issues such as custody, surveillance and the treatment of decentralized infrastructure could still shape how a U.S. version would operate.

Trump used the same meeting to urge lawmakers to pass the Digital Asset Market Clarity Act, which he described as powerful, structured legislation that would help the U.S. stay ahead of China. The bill has faced divisions in Congress, and a procedural vote is expected in September, leaving a narrow window to complete it this year. In the meantime, agency-led efforts by the CFTC and Securities and Exchange Commission could play a larger role in deciding how digital asset markets evolve.

For Hyperliquid, the near-term question is whether those agency efforts can produce a workable U.S. structure before Congress finishes a broader crypto framework. Wednesday's market reaction suggested investors see regulated U.S. access as a potentially important source of growth for the platform and its ecosystem.