Hyperliquid treasury firm seeking U.S. regulatory nod as a domestic futures platform

Hyperliquid's treasury firm is pursuing registration as a U.S. futures commission merchant to serve American clients under full regulatory compliance, though the company has not set a timeline for approval. The move would bring the Hyperliquid ecosystem—whose HYPE token and perpetuals venue have drawn significant trading volume—into direct contact with U.S. derivatives markets, which have largely been off-limits without a licensed intermediary. A green light would let the firm onboard U.S. clients through a regulated entity rather than offshore access, potentially broadening the platform's user base and volume. Timing remains the key unknown, and the application's progress will be the next signal to watch for the protocol's U.S. ambitions.