How Hyperliquid Could Legally Enter the US Market, According to Experts

President Trump has stated that his administration is working to bring the Hyperliquid into the United States through fully legal and compliant channels, prompting questions about how such a move could actually work. Industry analysts suggest the most likely path involves Hyperliquid supplying underlying technology, liquidity or market infrastructure to a separate, regulated US product, rather than opening its existing global platform directly to American users.

Under one emerging arrangement, Kraken’s parent company is reportedly working with regulators to offer US-based traders access to select crypto perpetual contracts linked to Hyperliquid’s blockchain through an already CFTC regulated exchange. This structure would provide formal safeguards such as identity verification, sanctions screening and clear legal accountability, though it would likely come with more limited market options and lower leverage compared to Hyperliquid’s existing platform.

Regulatory Coordination Still Required

Legal experts note that both the Commodity Futures Trading Commission and the Securities and Exchange Commission would likely need to update existing rules covering custody and trading mechanics before such a product could formally launch. While regulatory partnerships already in place could significantly shorten this process compared to Hyperliquid pursuing US entry entirely on its own, meaningful rule changes could still take up to a year, according to legal analysts familiar with the process.

Hyperliquid’s token $HYPE currently trades near $84.

Broader Implications for US Financial Markets

If successful, Hyperliquid’s entry into the US could accelerate a broader shift toward round-the-clock trading across traditional financial markets, adding competitive pressure on existing exchanges. However, the push has also drawn criticism from consumer advocacy groups concerned about financial stability risks, as well as pushback from traditional derivatives exchanges wary of new competition in the perpetual futures space.