Hyperliquid founder pushes for US rules treating blockchain as infrastructure
Hyperliquid founder Jeff Yan is seeking US regulatory treatment that would classify the blockchain as infrastructure rather than an exchange. The platform runs a decentralized perpetual futures exchange, does not hold a CFTC license, and restricts US users. The regulatory outcome could shape Hyperliquid's ability to operate in the US and affect market confidence.
Jeff Yan wants US regulators to view Hyperliquid’s Layer-1 blockchain as infrastructure, not as an exchange. The chain hosts a decentralized venue for perpetual futures. Hyperliquid has no CFTC exchange license and limits US participation, casting itself as infrastructure rather than a regulated middleman.
The unresolved treatment of on-chain trading infrastructure is central to US compliance. The article notes prediction-market odds for Hyperliquid hitting $100 by the end of 2026 dropped from 72% to 47% during the previous week. That decline may signal changing confidence around its regulatory path.
A US decision to treat blockchains as infrastructure could affect crypto traders, platform developers, and investors by changing where and how perpetual futures can be offered. It may also influence compliance expectations for other on-chain venues. Clearer rules could reduce uncertainty, but outcomes remain uncertain and may reshape market access and confidence.