Trump Signals Possible U.S. Path for Hyperliquid as HYPE Surges 11%
Hyperliquid’s HYPE token jumped 11% on Wednesday after U.S. President Donald Trump said Commodity Futures Trading Commission Chair Mike Selig was working on a path to bring the crypto exchange into the United States.
Speaking at a White House gathering attended by senior figures from the crypto and technology industries, Trump said Selig was working “very hard” to establish Hyperliquid in the U.S. in a way that would be both legal and compliant.
The event brought together several major industry executives, including Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse and Robinhood CEO Vlad Tenev. Representatives from Nasdaq and Intercontinental Exchange were also present.
The comments immediately drew attention to Hyperliquid, which has become one of the largest venues for trading perpetual futures in the crypto market.
Unlike conventional futures contracts, perpetual futures do not have expiration dates. They allow traders to speculate on the price of cryptocurrencies without directly holding the underlying asset. Hyperliquid operates differently from traditional futures exchanges as users can connect their crypto wallets directly to the platform.
Its rapid growth has helped push perpetual futures further into the spotlight, particularly as the product has historically been concentrated on offshore crypto exchanges. That growth has also encouraged U.S. trading platforms to develop regulated alternatives for American customers.
The CFTC has already approved several moves into the perpetual-style derivatives market. Coinbase Derivatives received clearance in April 2025 to offer bitcoin and ether futures with perpetual-style structures, with trading beginning several months later. Prediction-market company Kalshi has also entered the market with a similar product.
Other U.S. venues have followed, giving domestic traders more access to derivatives products that were previously difficult to obtain through regulated American platforms.
A U.S. launch of Hyperliquid itself, however, would be a considerably larger regulatory undertaking.
A derivatives exchange operating in the United States would need to meet requirements covering registration, market surveillance, customer protections and other regulatory standards. Those obligations have historically made it difficult for major offshore crypto platforms to directly serve U.S. customers.
Trump did not provide details about what a U.S.-based Hyperliquid platform could look like or identify the specific approvals that would be required. His comments also do not represent an official CFTC authorization for the exchange.
Still, the statement suggests that U.S. regulators may be examining whether Hyperliquid can operate within the country's existing derivatives framework.
For HYPE holders, the prospect of a compliant U.S. presence represents a significant potential development. Hyperliquid has built its reputation around high-volume perpetual futures trading, and access to the U.S. market could substantially expand its reach if regulators ultimately approve an operating structure.
For now, though, the comments point to a regulatory process rather than a completed deal. The next steps will depend on how the CFTC and other U.S. authorities determine whether Hyperliquid can meet the requirements for operating domestically.