On Wednesday, August 19, a meeting took place at the White House between the US administration and the leaders of major cryptocurrency and technology companies. In addition to the traditional topics — regulation of digital assets and innovation policy — the decentralized platform Hyperliquid was at the center of attention. President Donald Trump publicly confirmed that regulators are working to ensure full and legal access for Hyperliquid to the US market.
Political signal and market reaction
The meeting was attended by top executives from Coinbase, Ripple, and Nasdaq, as well as SEC Chairman Paul Atkins and CFTC Chairman Michael Selig. It was Selig whom Trump specifically thanked, noting his role in the process of legalizing Hyperliquid. "I understand that Mike is working to ensure that Hyperliquid comes to the US fully legally and transparently," the president stated.
The market did not keep itself waiting: the exchange's native token HYPE rose by more than 6% within a few hours, reaching around $68.19. The asset's market capitalization stands at approximately $15.1 billion, keeping it in tenth place among all cryptocurrencies. Recall that in May, HYPE overtook Dogecoin for the first time, entering the top 10.
Legal complexities and resistance
Hyperliquid is one of the largest decentralized platforms for trading perpetual futures. However, access from the US is closed for its users: the platform considers Americans restricted persons according to its terms of use. Legalization in the US is not only a matter of ambition but also a potentially huge influx of liquidity. American traders have traditionally dominated the derivatives market, and connecting them to the Hyperliquid ecosystem could significantly increase trading volumes and fee revenue.
Nevertheless, the path to legalization will not be simple. According to my data, CME Group and ICE (owner of NYSE) are advocating for stricter control over the platform, citing risks of manipulation and potential sanctions consequences. Compliance issues, including KYC procedures and leverage limits, remain unresolved. Applying traditional exchange rules to non-custodial on-chain infrastructure is extremely difficult.
The key catalyst will be the CFTC's Innovation Advisory Committee meeting, scheduled for Thursday, August 20. On the agenda are crypto assets, artificial intelligence, and prediction markets. In July, the Hyperliquid Policy Center and the Phantom wallet already filed a joint petition with the CFTC requesting that DeFi protocols be exempted from outdated exchange rules.
If Selig presents specific regulatory conditions rather than general principles, this could be a decisive factor for the further dynamics of HYPE. The only question is how ready the regulator is to adapt old norms to the new reality of decentralized finance.
My conclusion: the market is already pricing in a positive scenario, but ahead lies a complex negotiation process. Investors should closely monitor CFTC statements over the next 48 hours: any specifics could trigger a new wave of volatility, while a lack of details could provoke profit-taking.