Can Hyperliquid Come Onshore Without Killing What Makes It Special?

CME and ICE want regulators to rein in Hyperliquid, which delivers 24/7 derivatives markets that incumbents can't match. Can it be brought onshore?

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CME Group and Intercontinental Exchange have asked the CFTC to regulate Hyperliquid, the offshore perpetuals exchange that has rapidly become one of the largest derivatives venues in the world. The incumbents argue that price discovery is migrating to unregulated territory. Hyperliquid argues that its onchain transparency makes it less susceptible to manipulation, not more.

Walt Lukken, president and CEO of the Futures Industry Association, and Chris Perkins, CEO of 250 Digital Asset Management, sit down with Laura Shin to work through the options: come onshore and get the licenses, stay offshore and keep growing, or further decentralize until there is no entity left to regulate. The answer may reshape how global derivatives markets are built for the next decade.

Host:

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained

Guests:

Walt Lukken | President & CEO, Futures Industry Association

Chris Perkins⁠ | CEO, 250 Digital Asset Management

Timestamps

🏛️ 00:00 Why CME and ICE are asking the CFTC to act on Hyperliquid

⚙️ 00:06:47 Three paths for Hyperliquid: onshore, offshore, or decentralize

📋 00:9:28 How exactly Hyperliquid would end up coming onshore

🌐 00:13:32 What it would look like for Hyperliquid to be available in the US without an entity

📡 00:20:24 Whether blockchain transparency answers ICE and CME's concerns

🔮 00:35:00 What Chairman Selig and the CLARITY Act could change

🎯 00:41:00 How Polymarket should approach what is the same onshoring question Hyperliquid faces

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