The Hyperliquid Policy Center (HPC) is publicly pushing back against what it calls an unfounded regulatory pressure campaign by the Chicago Mercantile Exchange (CME) and Intercontinental Exchange (ICE). The two traditional powerhouse exchanges have been lobbying the CFTC and U.S. lawmakers to bring Hyperliquid under federal oversight, arguing that its anonymous trading model opens the door to market manipulation and sanctions evasion.
Hyperliquid fires back
HPC, led by CEO Jake Chervisnky, issued a statement rejecting the accusations. The group argues that Hyperliquid actually offers more transparency than traditional venues because every transaction is recorded on-chain in real time. Chervisnky pointed out that a complete, auditable trail of all activity makes the platform hostile to insider trading — the opposite of what CME and ICE claim.
“The criticisms are unfounded,” the HPC said in its response. The group also emphasized that Hyperliquid’s 24/7 trading is an efficiency upgrade, closing the gaps between traditional market sessions that can be exploited.
On-chain vs. off-chain
CME and ICE want Hyperliquid to register with the CFTC, a move that would force the platform to implement customer identification programs and trade surveillance measures. But HPC argues that the existing system already provides a level of real-time visibility that no central exchange can match. Every order, trade, and settlement is visible to anyone with an internet connection.
Still, HPC acknowledges that U.S. law isn’t currently tailored for derivatives markets running on public blockchains. The group said it plans to work with policymakers to develop a framework that fits the technology — without the blanket oversight the traditional exchanges are pushing for.
CME’s own play
Other reporting from The Defiant suggests the lobbying push may be more about self-interest than market integrity. CME has been quietly expanding its own 24/7 crypto trading and is set to launch Bitcoin Volatility Futures on June 1, followed by Nasdaq CME Crypto Index Futures on June 8. A regulatory crackdown on a decentralized rival would clear the field for those products.
The timing isn’t subtle. CME and ICE argue that Hyperliquid’s anonymous model could “distort price discovery in commodity markets,” but they’re also racing to capture the same 24/7 audience.
What’s next
The CFTC hasn’t formally responded to the lobbying push. HPC says it will continue to engage with lawmakers to explain why on-chain transparency is a feature, not a bug. Meanwhile, Hyperliquid’s native token HYPE was trading at $44.60, up 1.6% in 24 hours and nearly 4% over the past week — a sign that the market isn’t panicking over the regulatory noise.
The real test comes in June, when CME rolls out its new crypto-linked futures. If those products gain traction, the pressure on Hyperliquid to register — or fight — will only intensify.
