HYPE Jumps 21% After Trump Says US Is Courting Hyperliquid

TL;DR

• President Donald Trump said CFTC Chair Michael Selig is working to bring Hyperliquid into the US under a compliant regulatory framework.

• The CFTC is pursuing a broader effort to move perpetual futures markets onshore.

• HYPE surged following Trump’s comments, while Hyperliquid-linked ETFs and Nasdaq-listed Hyperliquid Strategies posted substantial gains.

President Donald Trump said Commodity Futures Trading Commission Chair Michael Selig is working to establish a regulatory pathway for Hyperliquid to enter the United States legally.

Speaking at a press conference with technology executives and federal financial regulators on Wednesday, Trump confirmed that the CFTC is seeking to bring perpetual futures markets onshore.

“I understand Mike [Selig] is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” Trump said.

CFTC Explores Pathway for US Perpetual Futures

Perpetual futures, commonly known as perpetuals or perps, are derivatives contracts without expiration dates. They allow traders to speculate on an asset’s price without owning the underlying asset directly.

The products have become a major component of the cryptocurrency derivatives market but have historically been more accessible through offshore trading platforms.

The CFTC began opening the US market to Bitcoin perpetual futures when its staff allowed KalshiEX and Coinbase to list such products.

Bringing platforms such as Hyperliquid into the country would mark a further expansion of regulated perpetual trading in the US.

Onchain perpetual exchanges have experienced increased adoption as traders look for continuous access to markets beyond cryptocurrencies.

JPMorgan analysts previously noted that traditional-market participants have increasingly turned to platforms such as Hyperliquid to gain exposure to assets including oil outside standard market hours.

However, traditional exchange operators CME Group and Intercontinental Exchange have reportedly expressed concerns that offshore onchain platforms could facilitate market manipulation or distort reference prices. They have called for platforms offering these products to register with the CFTC.

Selig signaled support for bringing onchain markets under US oversight during a Bankless interview in June.

“We want to create a path to bring these onchain markets into the United States and make sure they comply with some form of regulation,” Selig said, adding that technologies underpinning platforms such as Hyperliquid could transform financial markets.

HYPE and Hyperliquid-Linked Assets Surge

Hyperliquid’s native token, HYPE, rallied sharply following Trump’s remarks. The token rose approximately 21% over 24 hours, according to CoinMarketCap. 

US-listed funds offering exposure to the Hyperliquid ecosystem also recorded substantial gains during Wednesday’s trading session.

The 21Shares Hyperliquid ETF, Bitwise Hyperliquid ETF and Grayscale Hyperliquid Staking ETF each climbed by approximately 20%.

Nasdaq-listed Hyperliquid Strategies, trading under the ticker PURR, gained 30.4% during the session.

The market reaction reflects expectations that a compliant entry into the US could expand Hyperliquid’s addressable market and increase institutional access to its ecosystem.

Trump Says US Bitcoin Purchases Have Been Discussed

Trump was also asked whether the US government intends to acquire significant quantities of Bitcoin.

The president referred the matter to the Securities and Exchange Commission for the next steps but confirmed that the idea has been discussed.

“But certainly it’s been talked about,” Trump said. “It’s taken a lot of pressure off the dollar.”

Trump did not provide details about the size, timing or structure of any potential government Bitcoin acquisition.

During the event, Trump called on lawmakers to approve the Clarity Act, a broad cryptocurrency market-structure bill intended to establish a comprehensive federal framework for the industry.

“It’s a very powerful, structured legislation, which will keep us ahead of China, keep us ahead of everyone else,” Trump said.

The bill has encountered repeated legislative setbacks and faces a narrowing window to clear Congress before the end of the year.

Its passage could clarify the responsibilities of the CFTC and SEC while establishing rules for cryptocurrency exchanges, token issuers and other digital asset businesses operating in the US.

Crypto and Finance Executives Attend White House Event

The press conference brought together senior regulators and leaders from the cryptocurrency and traditional financial industries.

Attendees included CFTC Chair Michael Selig, SEC Chair Paul Atkins, Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse, Nasdaq CEO Adena Friedman and Robinhood CEO Vlad Tenev.

Kraken CEO Arjun Sethi and Intercontinental Exchange CEO Jeffrey Sprecher were also present.

Trump concluded the event by inviting participants into the Oval Office, telling attendees, “We’re going to show them a real office.”