Hyperliquid token jumps as U.S. market entry gains regulatory backing

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Hyperliquid token gains US backing

Highlights

Hyperliquid's HYPE token jumps 17% and Nasdaq-listed Hyperliquid Strategies (PURR) rises 30.4% after Trump announces regulatory efforts to bring perpetual futures onshore.
The Commodity Futures Trading Commission is advancing regulation to enable compliant onchain perpetual futures platforms like Hyperliquid in the U.S., following approvals for KalshiEX, LLC and Coinbase.
Trump urges Congress to pass the Clarity Act, a federal cryptocurrency regulation bill facing legislative hurdles and a year-end deadline to maintain U.S. competitiveness.

Regulatory push for onshore perpetuals

The Block reports that Trump makes the comments during a Wednesday press conference with technology leaders and federal agency chairs, where he says the Commodity Futures Trading Commission is working to bring perpetual futures markets onshore.

He adds that Selig is also working to bring Hyperliquid into the United States in a compliant format. Perpetuals, also known as perps, are futures contracts without an expiration date, letting traders take positions on asset price movements without directly owning the assets.

The regulatory backdrop has already started to shift. The CFTC previously opened the door to bitcoin perpetual futures contracts in the U.S. when agency staff greenlit KalshiEX, LLC and Coinbase to list the products.

In a June interview with Bankless, Selig says onchain technology such as Hyperliquid will transform markets, while stressing that regulation is key to bringing those markets into the U.S.

Market reaction and industry implications

Hyperliquid's native token HYPE surges 17% after Trump's remarks, signaling stronger investor interest in the platform's prospects. Nasdaq-listed Hyperliquid Strategies, trading under the ticker PURR, also gains 30.4% on the day.

Onchain perpetual platforms are gaining popularity as more non-crypto traders turn to 24/7 markets for exposure to assets such as oil outside traditional market hours, according to JPMorgan analysts. At the same time, established exchanges including CME and ICE have raised concerns that such platforms could be used to manipulate prices and distort markets, and they support CFTC registration requirements.

Trump also urges lawmakers at the same event to pass the Clarity Act, a federal cryptocurrency bill designed to regulate the industry and help keep the U.S. competitive against markets such as China. The measure faces setbacks in Congress and is under pressure to pass before the end of the year.

In our earlier article on the White House meeting with cryptocurrency executives and regulators, we covered how the SEC and CFTC were advancing new approaches to digital-asset oversight while broader legislation remained stalled. We also noted the political scrutiny around Trump’s crypto ties, with polling showing many Americans believe his administration’s policies may be influenced by private business interests.

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