Analysis: Following Trump's earlier signal of support, Hyperliquid may enter the US market through a regulated platform

BlockBeats News, September 5th. Former U.S. President Trump previously stated that the government is pushing for Hyperliquid to enter the U.S. market in a "fully compliant and legal" manner. As Hyperliquid's existing platform currently restricts U.S. users, its entry into the U.S. market may not directly open up the existing trading platform, but rather launch a separate product for U.S. users through a regulated intermediary.

Analysts believe that the potential solution may allow Hyperliquid to provide underlying technology, liquidity, or market design, while platforms regulated by the U.S. Commodity Futures Trading Commission (CFTC) would be responsible for providing trading services to U.S. users. Previously, Kraken's parent company, Payward, has indicated that it is collaborating with the CFTC and plans to offer U.S. registered users partial crypto perpetual contracts related to Hyperliquid and its underlying L1 through the regulated platform Bitnomial.

If this model is implemented, U.S. users may need to go through KYC, sanction screening, and customer fund protection compliance processes to enter the market. Additionally, the tradable market scope, leverage levels, and risk controls available may be stricter than those on the existing Hyperliquid platform.

Legal experts point out that Hyperliquid's entry into the U.S. market may still require coordination between the CFTC and SEC to amend some regulatory interpretations regarding custody, order routing, and perpetual contract mechanisms. Even if the relevant rule adjustments proceed quickly, they may still take several months or even a year.

With the rapid development of Hyperliquid and crypto perpetual contracts, the traditional U.S. financial market is also facing competitive pressure to accelerate the transition to a 24/7 trading model. However, some traditional financial institutions and regulatory advocacy organizations still warn that crypto perpetual contracts may bring higher market and systemic risks, and the controversy surrounding their regulatory framework is expected to continue.