Trump’s Hyperliquid Plan Could Bring a Regulated U.S. Version of the Trading Platform

President Donald Trump’s administration is exploring a path for Hyperliquid to enter the U.S. market through a separately regulated product rather than opening the protocol’s existing global trading venue to American users.

According to information published by @coinbureau, Trump said last month that the Commodity Futures Trading Commission (CFTC) was working to bring Hyperliquid into the United States “in a fully compliant and legal fashion.” The proposed structure would involve Kraken parent company Payward and its CFTC-regulated subsidiary Bitnomial.

Bitnomial Could Provide the Regulatory Infrastructure

Under the proposed arrangement, the U.S. product would be built around Hyperliquid’s technology and market infrastructure but operate separately from the permissionless global venue. Bitnomial would provide the regulated exchange and clearing framework, while U.S. customers would be subject to applicable identification, custody and compliance requirements.

The structure is consistent with steps already taken by Payward. The company completed its acquisition of Bitnomial in May, giving the Kraken parent control of a U.S. derivatives platform with a Futures Commission Merchant, Designated Contract Market and Derivatives Clearing Organization.

Bitnomial has also already filed a CFTC-certified product tied to Hyperliquid. In April, the exchange self-certified a Hyperliquid U.S. dollar spot contract, demonstrating that regulated products linked to the HYPE ecosystem can be introduced through the existing U.S. derivatives framework.

U.S. Traders Could Face Fewer Markets and Lower Leverage

The main trade-off would be market access. U.S. users would not receive the same range of markets or leverage available through Hyperliquid’s global platform. Instead, the domestic offering would have to operate within U.S. regulatory requirements.

The proposal could therefore create a two-tier structure: a broader offshore venue alongside a more restricted U.S. product designed for compliance. That approach would allow American traders to gain regulated exposure to Hyperliquid-related markets without requiring the existing global platform to become a U.S.-registered venue.

Regulatory changes remain a significant hurdle. Reporting has indicated that the CFTC and Securities and Exchange Commission could both need to address rules governing custody and market structure, with the process potentially taking up to a year.

The next key question is whether U.S. regulators will approve a structure that preserves enough of Hyperliquid’s trading model while satisfying domestic requirements for investor protection, custody and market oversight.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.