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HYPE Hyperliquid token $HYPE soared 22% after Trump's statement
On Wednesday, U.S. President Donald Trump publicly stated that the Commodity Futures Trading Commission is working to bring the decentralized perpetual contract exchange Hyperliquid into the U.S. regulatory framework. Affected by this news, the platform's native token,$HYPE, once surged by 22%, transaction volume surged by 277%, and the token price was approximately US$71.
What Trump said at the White House
Trump said at an event with cryptocurrency and technology executives at the White House: "As far as I know, CFTC Chairman Mike Selig is also working hard to get Hyperliquid to enter the United States in a fully compliant and legal manner, and he has worked hard to do so." CFTC Chairman Michael Selig, Securities and Exchange Commission Chairman Paul Atkins and White House cryptocurrency adviser Patrick Vitter also attended Wednesday's meeting.
Trump did not say what form a U.S. version of Hyperliquid would take or what regulatory approvals would be required, nor did his remarks mean that the CFTC had approved the exchange. But these statements indicate that the agency is exploring whether the largest perpetual contract trading platform in the cryptocurrency field can operate in the United States.
The road to the U.S. market
Currently, U.S. users are listed as restricted persons by Hyperliquid, and the platform is blocked through geofences, and its terms clearly prohibit the use of VPNs to circumvent restrictions. U.S. derivatives exchanges face strict registration, customer protection and market supervision rules, making many cryptocurrency platforms unable to directly serve U.S. customers.
In the first quarter of 2026 alone, Hyperliquid's total perpetual contract and spot transactions exceeded US$633 billion. As of mid-2026, its share of the on-chain perpetual contract market was approximately 32%. If it is open to U.S. traders, the potential scale will be considerable.
CFTC Chairman Michael Selig has been publicly advocating the introduction of perpetual contracts into the United States since its confirmation in December 2025. The Hyperliquid Policy Center, established by the Hyper Foundation with 1 million HYPE tokens, has been conducting coordinated regulatory lobbying activities since its launch in February 2026.
A key regulatory precedent occurred on May 29, 2026, when the CFTC approved Kalshi's BTCPERP contract, which essentially gave the green light for regulated exchange-listed perpetual contract products in the United States. If the CFTC builds a regulatory framework that non-escrow agreements can satisfy, or Hyperliquid builds a compliant U.S. structure, the largest blocked market in the cryptocurrency space could open up.
For now, the specific path and timetable are still unclear and no regulatory approval has been obtained.
