Hyperliquid founder Jeff Yan is advocating for US rules that would keep the platform's blockchain outside direct exchange oversight. Hyperliquid has no CFTC exchange license and restricts US users. Meanwhile, a prediction market on the token reaching $100 has lost confidence over the past week.
Jeff Yan, the founder of Hyperliquid, is advocating for US regulatory frameworks that would exempt the blockchain from being categorized under direct US exchange oversight. The push aims to shield Hyperliquid's Layer-1 blockchain, which hosts a decentralized perpetual-futures exchange, from the stringent measures typically applied to exchanges.
Infrastructure, not an intermediary
Hyperliquid does not hold a CFTC exchange license and restricts US users. That positions it as infrastructure rather than a regulated intermediary. The regulatory classification of on-chain market infrastructure remains a pivotal issue for platforms like Hyperliquid that want to operate within US compliance.
Market confidence slips
Market activity suggests declining confidence in Hyperliquid reaching $100 by the end of 2026, with YES probabilities falling from 72% to 47% over the past week.
Observers should monitor further statements from US regulators such as the CFTC, whose decisions could significantly impact Hyperliquid's classification.
Source: Crypto Briefing
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