President Donald Trump in his recent White House Meeting with crypto Industry leaders put Hyperliquid in the spotlight after saying CFTC Chair Michael Selig is working to bring the platform to the U.S. legally and with full compliance. Hyperliquid currently blocks U.S. users. After the news, HYPE jumped from around $62 to $72 before settling near $69–$70, up about 20% in 24 hours. Hyperliquid-linked ETFs also rose sharply with $1.97M Net Inflow.
Trump Opens the HYPE Door
Trump’s comments were made at the White House on August 19, where crypto industry leaders including Coinbase, Ripple, a16z, Chainlink, and many more were present. Importantly, Trump did not announce regulatory approval for Hyperliquid. Instead, he indicated that Selig is working on a possible compliant route for the platform to operate in the U.S.
Hyperliquid is a major blockchain-based derivatives exchange, allowing users to trade leveraged contracts that do not expire. Unlike traditional exchanges, its trading activity runs on-chain, making orders, trades and liquidations visible on the blockchain.
The platform has become one of the largest venues for crypto perpetual trading, reportedly handling 60–80% of the market, but U.S. users are currently classified as restricted and blocked from accessing the platform.
Changpeng Zhao praised Trump’s push to bring Hyperliquid into the U.S. could be a major win for crypto, opening the door for more decentralized platforms while improving liquidity and prices for U.S. users.
What Could a U.S. Entry Look Like?
- The proposal would not necessarily mean simply removing the U.S. block. One possible model would involve licensed U.S. brokers providing the regulated entry point, while handling customer checks, paperwork and compliance requirements.
- Hyperliquid itself could continue operating as the underlying trading venue without directly holding customer funds. In other words, the idea is potentially a regulated U.S. front door rather than an immediate change to the entire platform.
- That is also why some crypto users are concerned. A legal U.S. pathway could bring KYC and greater regulatory controls, potentially reducing some of the privacy that attracts users to the platform.
- Hyperliquid has not received final approval yet and still faces regulatory and implementation hurdles.
Why HYPE Reacted So Strongly
The key for HYPE is the potential impact of more U.S. trading. Hyperliquid reportedly generated about $41.7 million in fees over 30 days, with around 97–99% of those fees used to buy HYPE. The token has a maximum supply of 1 billion, with about 955.3 million remaining, while its market value was reported at roughly $14.68 billion. Hence more trading could mean more fees, more HYPE purchases, and fewer tokens available in the market.
A U.S. market would therefore represent a major potential source of additional trading activity.
While HYPE is enjoying the price hike behind the scenes, a 9.92 million HYPE token unlock on September 6 could also create selling pressure.
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