Hyperliquid founder Jeff Yan urges regulators to target deployers, not underlying blockchain
Summary
Hyperliquid founder Jeff Yan argued that regulators should oversee firms operating trading markets on the blockchain, rather than regulate the network itself. He said responsibility belongs with businesses that control and deploy those markets, allowing traditional financial firms to build on Hyperliquid without the blockchain becoming a regulated exchange. Hyperliquid’s perpetual futures platform remains unavailable to U.S. customers, but Kraken parent Payward plans to offer U.S. investors derivatives using its technology through a regulated exchange. Yan’s comments follow President Trump’s statement that the CFTC was working to bring Hyperliquid into the U.S. regulatory framework.
