Hyperliquid founder Jeff Yan is seeking a US regulatory framework that would allow his Layer-1 blockchain to avoid being classified as a regulated exchange. The blockchain hosts a decentralized perpetual-futures exchange but does not hold a CFTC exchange license and restricts US users, positioning itself as infrastructure rather than a regulated intermediary. Market probabilities for Hyperliquid reaching $100 by the end of 2026 have dropped from 72% to 47% over the past week, reflecting declining confidence. The CFTC’s classification of this on-chain market infrastructure remains a pivotal issue for the platform’s future operations in the United States.
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