CME Group and Intercontinental Exchange (ICE), which owns the New York Stock Exchange, are pushing U.S. regulators and lawmakers to bring the cryptocurrency trading platform Hyperliquid under federal oversight. The exchanges argue that Hyperliquid operates mostly offshore with minimal regulation, according to a Bloomberg report published Friday.
Why the push for oversight
Both CME and ICE run regulated derivatives exchanges in the United States. They say Hyperliquid's light-touch regime gives it an unfair advantage and creates potential risks for investors. The platform, which offers trading in digital assets, has grown rapidly—partly because it doesn't face the same compliance costs as domestic exchanges. CME and ICE want the Commodity Futures Trading Commission (CFTC) and members of Congress to close what they see as a regulatory gap.
Hyperliquid's offshore structure
Hyperliquid is registered outside the U.S. and has no physical presence in the country. That makes it difficult for American authorities to police its operations. The platform doesn't have to follow the same reporting, margin, or customer-protection rules that CME and ICE must adhere to. The lobbying effort isn't just about leveling the playing field—it's also about preventing a major financial blow-up from happening in an unregulated corner of the crypto market, the exchanges told Bloomberg.
What the lobbying entails
The campaign targets both the CFTC, which oversees derivatives, and key lawmakers on Capitol Hill. CME and ICE are asking for new federal rules that would force platforms like Hyperliquid to register with the CFTC or another agency. That would subject them to capital requirements, surveillance, and anti-manipulation measures. The Bloomberg report didn't specify which lawmakers have been approached or whether any legislation has been drafted yet.
No public response from the CFTC or Congress has been reported so far. But the fact that two of the biggest exchange operators in the world are coordinating on this issue suggests the pressure is real. Hyperliquid did not immediately respond to a request for comment from Bloomberg.
