President Trump stated that Commodity Futures Trading Commission Chair Michael Selig is working to bring the offshore perpetual futures venue Hyperliquid into the United States in a compliant and legal fashion. The announcement followed a meeting at the White House that included the heads of Coinbase, Ripple, Robinhood, Nasdaq, and ICE.
Following the announcement, Hyperliquid's HYPE token jumped 23% to a peak of $72, while perpetual futures leader LIT rose 20%. Broader crypto markets also saw upward movement, with Bitcoin reaching $72,000, Ethereum rising to over $2,300, and Solana hitting $87. Stock prices for Coinbase, Circle, and Robinhood also saw increases.
Hyperliquid operates as an offshore venue where traders use perpetual futures by connecting wallets rather than opening traditional brokerage accounts. U.S. derivatives and customer protection rules have previously kept the platform and similar offerings offshore, though the CFTC has moved toward clearer integration by clearing Coinbase Derivatives for perp-style Bitcoin and Ethereum futures in April 2025 and later approving Kalshi for similar products.
During the White House meeting, Trump also urged the Senate to pass a fair version of the Clarity Act, a market structure bill intended to divide regulatory authority between the Securities and Exchange Commission and the CFTC. The bill is scheduled to return to the Senate floor in September.
