Trump Says CFTC Is Working to Bring Hyperliquid to US; HYPE Jumps 17%

Hyperliquid’s native token HYPE posted a double-digit gain after President Donald Trump said the Commodity Futures Trading Commission is working to bring the decentralized derivatives platform into the US market in a fully compliant, legal manner.

The Block reported on August 19 that Trump made the remarks at a press conference attended by technology and finance executives and the heads of federal regulatory agencies. “My understanding is that CFTC Chairman Michael Selik is working to bring Hyperliquid to the United States in a legal way that is fully compliant with regulations,” Trump said.

The CFTC is seeking to bring the fast-growing perpetual futures market in digital assets into the regulated US financial system. Perpetual futures are contracts with no expiration date, allowing investors to bet on price moves without directly holding the underlying asset.

The agency previously opened the door to the market by allowing KalshiEX and Coinbase to list Bitcoin perpetual futures in the US. In a June interview, Selik said on-chain technology such as Hyperliquid would “transform markets.” He added that he wanted to bring those on-chain markets to the US and create a pathway for them to comply with regulation.

On-chain perpetual futures platforms including Hyperliquid have been growing rapidly, aided by their ability to offer 24-hour trading. JPMorgan said even retail investors outside the crypto market are using such platforms to trade assets including crude oil outside regular market hours.

Traditional exchanges, however, have raised concerns about potential market manipulation. CME Group and Intercontinental Exchange, the parent company of the New York Stock Exchange, say platforms such as Hyperliquid could be used to distort prices and should be required to register with the CFTC.

HYPE surged after Trump’s comments were reported, rising about 17% over the past 24 hours. The 21Shares Hyperliquid ETF, Bitwise Hyperliquid ETF and Grayscale Hyperliquid Staking ETF each climbed nearly 20% on August 19. Nasdaq-listed Hyperliquid Strategies (PURR) jumped 30.4%.