Introducing Hyperliquid, Urging Bill Passage, Core Highlights of Trump Speech

Bitcoin surged from $65,000 to $70,000 overnight, while Ethereum saw a nearly 20% increase. The HYPE side is almost at an all-time high.

The cryptocurrency market was revitalized overnight, possibly thanks to developments in the United States.

On July 20, President Trump convened a roundtable discussion and delivered a public speech at the White House in Washington D.C. with executives from U.S. financial, cryptocurrency, and technology companies, as well as regulators.

The attendees included esteemed figures such as CFTC (Commodity Futures Trading Commission) Chairman Mike Selig, SEC (Securities and Exchange Commission) Chairman Paul Atkins, President's Digital Asset Advisor Council Executive Director Patrick Witt, and top executives from the cryptocurrency industry such as Coinbase CEO Brian Armstrong, Intercontinental Exchange (ICE/New York Stock Exchange) CEO Jeff Sprecher, Nasdaq CEO Adena Friedman, Robinhood CEO Vlad Tenev, Kraken CEO Arjun Sethi, Ripple CEO Brad Garlinghouse, Chainlink co-founder Sergey Nazarov, the Winklevoss brothers, and others.

The core purpose of this meeting was for Trump to emphasize that the U.S. is competing with other countries globally for dominance in the financial markets and AI field, pledging to ensure that the future of global financial technology is established and perfected within the U.S.

However, it was evident from the attendees that the cryptocurrency industry played a significant role in this event.

Crypto Legislation

Trump first highlighted his achievements in the cryptocurrency industry over the past two years, including discussions on Bitcoin reserves, which are not as critical. What is essential is the content of his crypto-related legislation.

- The Genius Act: Trump mentioned that he signed this groundbreaking legislation a year ago. This act significantly paved the way for the widespread adoption of compliance-based stablecoins pegged to the U.S. dollar, not only solidifying the dollar's dominance globally but also driving significant global funds to purchase U.S. Treasury bonds.

- The Clarity Act: Currently in a crucial stage of congressional advancement, this act aims to legislatively distinguish between "crypto securities" and "crypto commodities."

Trump called on Congress to expedite the passage of The Clarity Act to establish a clear legal framework for digital assets. Coinbase CEO Brian Armstrong revealed during his speech that Congress plans to vote on this act on September 15, which, if successful, will permanently solidify the regulatory benefits of the past year into law.

Introducing Hyperliquid and Proposing New Cryptocurrency Funding Regulations

Next is the regulators' stance, which is equally important, after all, it is the regulatory layer.

CFTC (Commodity Futures Trading Commission) Chairman Mike Selig and SEC (Securities and Exchange Commission) Chairman Paul Atkins detailed the specific progress of their respective agencies in deregulation and embracing innovation.

Regarding CFTC:

 - First Compliant Bitcoin Perpetual Futures: CFTC Chairman Mike Selig confirmed that the United States' first true "Bitcoin perpetual futures contract" was launched on an exchange registered with the CFTC in May 2026.

 - Introducing the Decentralized Protocol Hyperliquid: The CFTC is actively advancing a compliance framework aimed at introducing the decentralized trading protocol Hyperliquid into the United States in a fully legal and compliant manner.

This is also a core reason for why HYPE was able to skyrocket overnight.

 - Protecting Prediction Markets: Federal regulators are actively intervening to prevent local state officials (such as New York Attorney General Letitia James) from cross-authority interfering with compliant prediction markets, to avoid such financial innovations being forced overseas.

Regarding the SEC:

 - Proposing "Cryptocurrency Asset Rules": SEC Chairman Paul Atkins announced that the SEC has just proposed a brand new set of cryptocurrency asset rules, aiming to definitively solve the issue of cryptocurrency startups in the U.S. legally using digital assets for equity and capital financing.

 - Capital Market Recovery and "Trump Accounts": Thanks to the rationalization of the IPO threshold, there have been 583 companies listed since the new government took office (a 75% year-on-year increase), raising $28 billion; while promoting "Trump Accounts" to allow the new generation of young investors to better share the benefits of the capital market.

The new regulations for cryptocurrency funding are also quite significant. Legal ICOs are making a comeback. For more details, you can refer to this article "Is the Biggest Good News in the Coin Circle Coming Back for Compliant Token Financing?"

Bitcoin Reserve

During the final Q&A session, there was an interesting question asking whether the U.S. government would further expand its Bitcoin reserve.

Trump expressed an open attitude and stated that he would listen to the regulatory team's advice.

Talking about it is one thing, but actually doing it is another.

Another part of the discussion was about AI, although not much useful information was provided. Addressing the significant electricity consumption of AI, Trump proposed a fast-track approval policy, allowing tech companies to independently build dedicated power plants (approval within two to three weeks), which would neither strain the public grid nor would waste excess power.

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