Hyperliquid is turning its attention toward the U.S. market, according to a recent report by The Information.
The push comes at an important moment for the crypto industry. Hyperliquid has grown into one of the largest venues for crypto perpetual futures.
Crypto rewards platform
U.S. regulators are simultaneously trying to determine how derivatives, decentralized exchanges and other on-chain financial products should fit into a regulatory system largely designed around centralized intermediaries.
The question, therefore, is not simply whether Hyperliquid wants to enter the United States. It is whether the existing regulatory framework gives a decentralized protocol a workable way to do so.
U.S. prohibition？
In practical terms, Hyperliquid's current trading interface is closed to U.S. users. The Hyperliquid blockchain itself has been declared illegal in the United States.
Hyperliquid is a permissionless blockchain. Its network and smart contracts are distinct from the website interface through which many users access the protocol.
Hyperliquid's terms of use identify people and entities located in or resident in the United States as “Restricted Persons” and prohibit them from using the interface.
Perpetual futures are its most important product. In the U.S., derivatives markets are subject to an extensive regulatory framework that has been developed by the CFTC.
The Hyperliquid Policy Center has made precisely this issue the centerpiece of its Washington strategy. The organization says it is seeking a “clear, regulated path” for Americans to access onchain markets.
The Policy Center was launched in Washington in February 2026 and is led by crypto lawyer Jake Chervinsky.
Crypto rewards platform
Hyperliquid's remarkable growth
Hyperliquid has plenty of economic reasons to pursue the U.S. after it recorded remarkable growth.
According to the Q2 report cited in the recent report on Hyperliquid, HYPE rose 79.2% during the second quarter.
This is the second consecutive quarter in which HYPE substantially outperformed the broader crypto market.
The platform has become large enough that Washington can no longer simply ignore it.
At the same time, American users remain largely excluded from direct access to the derivatives upstart.