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Trump says CFTC is working to onshore Hyperliquid
Hyperliquid Strategies shares surged, with HYPE up about 19% over 24 hours to near $69.56 and PURR up 30.4% to $9.39, while CME and Cboe shares fell.
President Donald Trump said CFTC Chair Michael Selig is working to bring Hyperliquid into the United States in a “fully compliant and legal fashion,” backing a domestic path for the geoblocked perpetual futures venue, The Defiant reported.
The remark was made at a White House event with agency and exchange executives, including ICE CEO Jeffrey Sprecher, whose company has pushed regulators to rein in the platform. The Defiant said onshoring Hyperliquid would put a non-custodial protocol inside the rulebook used for venues like CME and ICE, while the CFTC has addressed the platform issue one product at a time without rulemaking.
The Defiant reported that a shift to federal oversight would also address the exchanges’ campaign since May to bring Hyperliquid under CFTC control or keep it away from US customers. After Trump’s comments, HYPE traded near $69.56 late Wednesday, up about 19% over 24 hours, and Hyperliquid Strategies, which trades as PURR, closed up 30.4% at $9.39, its largest single-day gain on record.
CME Group and Cboe Global Markets fell during the session before closing lower, The Defiant said, with moves of as much as 3.4% and 6.1%, respectively. Options activity also spiked, with Hyperliquid Strategies options volume nearly eight times its 30-day average, including a call-buying streak highlighted by CNBC, with one set of 719 calls struck at $8 traded around 11 a.m. before Trump spoke and another trade following shortly after the remarks.