Key highlights:

  • HYPE jumped 25% to $72.70, closing in on its all-time high
  • President Trump said CFTC Chairman Michael Selig is working on Hyperliquid operating in the U.S
  • Shares of the company Hyperliquid Strategies Inc. also pumped by 30%

HYPE token has seen gains of over 25% in the past 24 hours, nearing its previous all-time high. This came after President Donald Trump said in the recent White House crypto summit that the U.S. CFTC is working on a way to bring the Hyperliquid platform into the country legally.

 

HYPE jumps on bullish Trump comments

Speaking at a White House meeting with crypto and technology executives, Trump said Commodity Futures Trading Commission Chairman Michael Selig is working on Hyperliquid’s perp platform to operate in the U.S. He said Selig was "working very hard on that" and added that the administration would like to see it happen.

The CFTC had cleared the first perpetual futures contracts on registered U.S. exchanges to operate domestically earlier this year.

The meeting brought together top names in the crypto and finance space. Notable mentions included Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse, Robinhood CEO Vlad Tenev, among others.

Nasdaq CEO Adena Friedman, SEC Chair Paul Atkins, and CFTC Chair Mike Selig were also present.

What Hyperliquid actually does

Hyperliquid is a blockchain exchange best known for perpetual futures. These are contracts that allow traders to bet on an asset's price without holding it. Users can connect their crypto wallets on the platform without using a broker.

The platform's growth this year drew major attention to perpetual futures, a part of the market that was mostly run by offshore exchanges. Since then, U.S. trading venues have been looking to bring some of that business onshore.

Regulators have adjusted policies to meet that need. For instance, the CFTC cleared Coinbase Derivatives to offer similar Bitcoin and Ethereum futures products last year. They also gave the same approval to prediction market Kalshi. 

Other American platforms have since followed suit, giving traders access to a product that was mostly confined to platforms based outside the U.S.

However, U.S. derivatives exchanges must meet certain rules on registration before they can operate. The requirements have been major roadblocks that have kept many crypto platforms from operating in the country to date. 

Trump did not detail what an onshore version might look like or which approvals it would still need.

Binance’s CZ backs the President’s remarks

Binance founder Changpeng Zhao shared at the SALT conference what the update could mean for the crypto market. He pointed out that any regulatory framework built for one company would end up applying to the rest of the industry, since rules are rarely written for a single firm alone.

In other developments, shares of Hyperliquid Strategies Inc., a publicly traded company tied to the ecosystem, climbed 30% after the update, the biggest single-day gain in the company's history.