On October 15, Hyperliquid founder Jeff Yan stated in an interview with Bloomberg that he hopes U.S. regulators will view the L1 blockchain as infrastructure rather than an exchange, shifting compliance pressures onto institutions operating trading markets on-chain. This proposal aims to leverage regulated intermediaries like Bitnomial and Kraken to allow domestic U.S. users to access perpetual contracts without completing full exchange registration. This would facilitate further integration of traditional finance with the on-chain ecosystem; however, the offshore structure of the protocol may face opposition from Congress and the CFTC.
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