Decentralized exchange $HYPE petitions regulators to allow onchain derivatives under existing rules, bypassing stalled legislation.
Hyperliquid ($HYPE) is pursuing regulatory approval from the Commodity Futures Trading Commission to enter the U.S. perpetual futures market. The decentralized exchange, currently unavailable to American users, aims to leverage existing frameworks rather than wait for broader crypto legislation like the CLARITY Act, which faces delays in the Senate.
In July, Hyperliquid’s policy arm and Phantom urged the CFTC to clarify that onchain software developers should not automatically face exchange or clearinghouse registration requirements. They argued that self-custodial markets, where users control their funds, do not fit traditional regulatory models. The filing emphasized that current rules exclude U.S. users from onchain derivatives, pushing development offshore.
The effort seeks to allow regulated firms to use blockchain infrastructure for execution, margining, clearing, and settlement. Hyperliquid Policy Center CEO Jake Chervinsky stated the goal is to secure favorable interpretations of existing rules or new guidelines to facilitate this transition.