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XRP Regulatory doubts in Singapore intensify, and the regulatory prospects of Hyperliquid are under concern.
On June 26, the Monetary Authority of Singapore (MAS) included Hyperliquid on the investor warning list. As regulatory issues continue to ferment, HYPE prices remain volatile around $91.
Currently, U.S. derivatives regulations are opening up new paths for regulated chain markets, and Hyperliquid's regulatory status is becoming a focus. On the one hand, Singapore authorities have doubts about his identity; on the other hand, U.S. regulators are actively promoting the development of regulated chain markets. As of October 7, HYPE was trading at approximately $91.22, down approximately 2.05% in 24 hours. The core of the current debate is how to integrate decentralized transaction infrastructure into the existing financial rule system.
Singapore regulators raised jurisdictional questions about Hyperliquid
The Monetary Authority of Singapore added Hyperliquid to its "Investor Warning List" on June 26. The bureau pointed out that the list is intended to identify entities that may be mistakenly regarded as licensed or regulated locally in Singapore. Hyperliquid positions itself as a permission-free infrastructure rather than a traditional exchange.
据《金融时报》报道，尽管 Hyperliquid 总部位于新加坡，但新加坡金融管理局表示并不知晓其在任何主要司法管辖区受到监管，且此前曾指出其可能超出自身的管辖范围。报道称，Hyperliquid 在未取得新加坡金融管理局牌照的情况下运营，这引发了关于管辖权和监管责任的重要问题。由于其去中心化的结构，交易通过公共区块链基础设施结算，使得传统监管变得复杂。
与此同时，Hyperliquid Policy Center 首席执行官 Jake Chervinsky 预计，大型交易所最终将整合公共区块链网络。他引用了 CME、ICE、Coinbase 和 Kraken 等公司作为此类基础设施的潜在用户。他的观点认为，区块链网络应位于交易所之下，而不是将协议视为传统交易所。
美国链上市场推进，Hyperliquid 监管重点转向基础设施
美国监管机构已允许注册交易平台列出几种加密货币永续合约产品。商品期货交易委员会（CFTC）的记录显示，Bitnomial 已获得认证，可交易涵盖比特币、以太坊、Solana、XRP 及其他资产的永续合约。因此，Hyperliquid 的监管重点可能会越来越集中在基础设施层面，而非单个衍生品产品。
Payward 也计划利用 Hyperliquid 基础设施为美国客户提供有权限控制的永续合约市场。在该安排中，Bitnomial 负责创建和清算合约，而 NinjaTrader Clearing 则负责托管客户账户。这一模式有望测试公共区块链基础设施如何在受监管的衍生品市场中运作。
Chervinsky 还批评了 CME 对永续合约的抵制态度以及链上竞争的不足。Hyperliquid Policy Center 主张，受监管的公司应当能够使用区块链技术进行交易和清算。随着当局权衡透明度、去中心化、市场准入和监管之间的关系，Hyperliquid 的监管问题依然是核心议题。
