President Donald Trump announced on Sunday that the Commodity Futures Trading Commission has directed staff to develop a regulatory framework that would allow Hyperliquid, a blockchain-based perpetuals exchange, to operate in the United States without first registering under existing rules.
Hyperliquid runs a decentralised exchange for perpetual futures contracts and has no US regulatory status. The CFTC's reported instruction to staff to consider rules for non-registered crypto exchanges would, if formalised, represent a significant departure from how the agency has treated offshore crypto derivatives platforms.
HYPE, Hyperliquid's native token, rose 40.8% in the week surrounding Trump's comments, outpacing Bitcoin's 22.5% gain and Ethereum's 30.0% gain over the same period. Open interest on the platform has crossed $13 billion for the first time since October 2025.
Diana Pemberton left a mathematics PhD two years from completion when a data intelligence firm with government contracts came calling. She wanted to see how the system actually worked. She spent six years finding out. In 2022 she produced an analysis that was correct in every detail. It was operationally deprioritised in September.
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