Hyperliquid’s HYPE token surged approximately 19% to around $69-70 following President Trump’s August 19 announcement that the CFTC is actively working to make the decentralized perpetual futures platform accessible to US traders. The CFTC, led by Chair Mike Selig, is developing a tailored regulatory framework specifically for onchain perpetuals, which could make Hyperliquid the first major DeFi protocol to receive a bespoke US regulatory framework. Selig has emphasized that legacy rules from the 1930s are inadequate for governing decentralized finance. This development could set a precedent for other decentralized exchanges offering perpetual contracts. The framework would reportedly allow Hyperliquid to maintain its non-custodial, fully onchain architecture while meeting compliance standards around identity verification and market surveillance.
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