Hyperliquid Founder Says US Regulators Should Police Trading Firms, Not the Blockchain

Hyperliquid founder Jeff Yan is making the case that American rules should land on the companies running markets over his network, not on the network itself.

Jeff Yan’s Proposal for US Crypto Regulation

In a Thursday Bloomberg interview, Yan argued that businesses operating trading markets on Hyperliquid should carry the compliance burden, much as financial firms do when they build on internet infrastructure. He explained that regulation belongs at the layer where controls exist, and that deployers are the ones who exercise them.

Hyperliquid and the US Market

Hyperliquid, best known for its perpetual futures platform, is still closed to US customers. That could change indirectly, since Kraken’s parent company, Payward, plans to give US investors derivatives built on Hyperliquid’s technology through a regulated exchange. For Hyperliquid, this would bring in a CFTC regulated operator even while its own perps market stays off limits in the country.

Yan’s remarks follow a statement from President Donald Trump in August that the CFTC was working to bring Hyperliquid into the US under federal rules.