The HYPE token price rose above $70 after President Donald Trump confirmed the CFTC is working to bring the decentralized exchange Hyperliquid into the U.S. This development follows the CFTC's approval of other crypto derivatives for U.S. users.
This development signals a potential shift towards greater regulatory clarity and accessibility for decentralized crypto derivatives in the U.S., which could impact the broader digital asset market and attract more institutional participation.
The price of the HYPE token surpassed the $70 mark following U.S. President Donald Trump's confirmation that the Commodity Futures Trading Commission (CFTC) is actively working to facilitate the integration of the decentralized perpetuals futures exchange, Hyperliquid, into the United States.
President Trump stated, "I understand Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion," referencing CFTC Chair Mike Selig. This announcement caused the HYPE token to surge from approximately $62 to over $70, marking a gain of more than 19% in a single day, according to TradingView data.
The comments were made during a crypto summit held at the White House, attended by various crypto executives and the chairs of the CFTC and Securities and Exchange Commission (SEC). This development follows earlier reports indicating that Hyperliquid has been in discussions with both the CFTC and SEC regarding a potential pathway for U.S. users to access the platform.
Currently, Hyperliquid operates offshore and is not accessible to U.S. users, nor is it regulated by the CFTC. However, the CFTC has demonstrated a willingness to expand access to derivatives for Americans, notably approving the prediction market Kalshi in May to list the first U.S.-regulated Bitcoin perpetual contract, and subsequently approving other crypto derivatives.