Hyperliquid's HYPE token surged 22% to around $71.61 on Wednesday after President Trump said CFTC Chair Michael Selig is working to bring the decentralized perps platform into the United States in a fully compliant and legal manner. The jump puts HYPE within striking distance of its all-time high of $76.87, with immediate resistance sitting between $73 and $76.
Trump's onshore push
Speaking after a White House meeting with executives from Coinbase, Ripple, Robinhood, Kraken, Gemini, Nasdaq, Intercontinental Exchange, Chainlink, and Andreessen Horowitz, Trump reiterated his administration's goal of making the US a leader in Bitcoin, crypto, prediction markets, and AI. He also took aim at the previous administration's policies, arguing they discouraged digital asset innovation.
The meeting included SEC Chair Paul Atkins, CFTC Chair Michael Selig, and White House crypto adviser Patrick Witt. Selig's involvement with Hyperliquid is notable because the CFTC earlier this year authorized the first perpetual futures contracts on registered US exchanges. Hyperliquid, a decentralized platform for perpetual futures, has so far operated outside that framework.
The compliance hurdle
A compliant pathway would give Hyperliquid access to the US market and could draw more institutional participation. But it won't be simple. Operating in the US would require the platform to satisfy rules on registration, market surveillance, customer protection, anti-money laundering, and derivatives trading. Those are heavy lifts for a protocol built to avoid intermediaries.
The token's move is also riding a broader wave. Bitcoin, Ethereum, and Solana all gained, and nearly $3 billion in liquidations hit the market over 24 hours as a short squeeze unfolded. That backdrop amplified HYPE's jump, though the Trump comments were clearly the catalyst.
For now, the market is betting Trump's words mean something. The real test is whether Hyperliquid can actually clear the regulatory bar Selig's team is reportedly working on. Nothing concrete has been filed, and the platform hasn't publicly outlined a compliance plan. That's the next thing to watch.
