CME and ICE target Hyperliquid over manipulation
CME Group and ICE urged US regulators to scrutinize Hyperliquid for manipulation and sanctions risks on May 15.CME Group and ICE, the NYSE parent, asked the CFTC and Congress to investigate Hyperliquid for manipulation and sanctions risks.Hyperliquid‘s HYPE token fell roughly 6%, dropping from above $45 to below $43 following Bloomberg’s report.The Hyperliquid Policy Center has engaged the CFTC separately, seeking a tailored regulatory framework for on-chain derivatives. CME and ICE warned that Hyperliquid‘s anonymous, round-the-clock perpetual futures trading could distort global commodity benchmarks, particularly in oil markets. The exchanges also flagged risks of insider coordination and sanctions evasion by state-linked participants exploiting the platform’s permissionless structure. Hyperliquid holds a market capitalisation of approximately $10.3 billion, making HYPE the 13th-largest crypto asset globally. At its April 2025 peak, the platform accounted for roughly 70% of the on-chain perpetual futures market. HYPE falls as Wall Street targets DeFi perp venue The pressure campaign comes as Hyperliquid has expanded into synthetic markets for stocks and commodities, placing it in direct competition with CME and ICE. Both exchanges operate under strict regulatory oversight that Hyperliquid currently does not face. The Hyperliquid Policy Center argued the platform provides markets that are “more beneficial and present fewer risks than traditional