Jake Chervinsky, CEO of Hyperliquid Policy Center, stated at the Digital Asset Summit 2026 Asia in Singapore that 'every exchange,' including CME Group and Intercontinental Exchange (ICE), will adopt public chain infrastructure within the next decade to remain competitive. He emphasized that Hyperliquid is not an exchange but an infrastructure available for various participants, comparing it to Bitcoin, Ethereum, and Solana, arguing that there is no reason for public chains to register as exchanges. Chervinsky noted that Hyperliquid does not intend to compete with Kalshi, Coinbase, Robinhood, and CME, but rather exists on the next layer of the technology stack, which these institutions can use to enhance their products. He predicts that in ten years, both crypto-native exchanges like Kraken and Coinbase, as well as traditional exchanges like ICE and CME, will need to integrate this technology to compete. He also pointed out that on-chain markets, aside from regulated perpetual contracts, need to come under U.S. regulatory oversight, which he expects to happen 'in the near future.' This statement comes in the context of Payward's announcement in September to deploy a licensed perpetual contract market on Hyperliquid for U.S. customers, with Bitnomial, regulated by the CFTC, responsible for creation and clearing. Previously, Trump announced that the CFTC would compliantly introduce Hyperliquid to the U.S.