The native token of the decentralized exchange Hyperliquid, HYPE, rose over 17% over a 24-hour period, moving from approximately $58 to a high of $72. The upward movement followed a statement from President Trump on Wednesday during a White House gathering of finance, tech, and crypto executives.
President Trump stated that Commodity Futures Trading Commission Chairman Michael Selig is working to bring Hyperliquid into the United States in a fully compliant and legal fashion. As of writing, no formal approvals have been granted, and no timeline, specific registrations, or details regarding an onshore framework have been officially announced.
The announcement occurred in the presence of industry executives, including representatives from CME Group and ICE, who have previously urged regulators to scrutinize Hyperliquid over concerns regarding sanctions exposure and price manipulation. Gaining access to the U.S. market would introduce the platform to a new pool of capital and a larger customer base, while requiring the venue to adapt to domestic regulatory standards including exchange registration, sanctions screening, customer identification, and market surveillance.
JPMorgan analysts have noted that non-crypto traders, such as oil traders, have utilized onchain perpetual contracts for commodity exposure outside of traditional exchange trading hours. Meanwhile, the CFTC's Innovation Advisory Committee is scheduled to hold its inaugural meeting, covering topics including crypto assets and prediction markets, with written comments remaining open through August 27.
