Hyperliquid treasury firm seeking U.S. regulatory nod as a domestic futures platform
Hyperliquid Strategies, a publicly traded company holding HYPE tokens, has applied to become a regulated futures commission merchant in the US through its subsidiary HypeStrat Markets.
The company announced its formal application to be regulated as a futures commission merchant (FCM) in conjunction with its quarterly financial results. This move aims to help bring markets deployed on Hyperliquid onshore to the United States, where the platform currently remains closed to US customers.
Regulatory Path
Hyperliquid Strategies applied for FCM status through the National Futures Association for its subsidiary HypeStrat Markets. The application, submitted in August, is still pending according to NFA records. The company intends to offer this activity on HIP-3, its framework that would run on top of Hyperliquid's neutral infrastructure layer.
Setting up an FCM is how we intend to help bring markets deployed on Hyperliquid onshore.
Presidential Support
In August, President Donald Trump expressed his administration's efforts to bring Hyperliquid into the US "in a fully compliant and legal fashion" with assistance from the CFTC. The president has been working to establish US perpetual futures markets to dominate the field, though this goal has faced legal objections from the US derivatives industry.
The company noted that "there can be no assurance as to the timing or outcome of the application or regulatory approval of permissioned HIP-3 markets." If approved, the FCM would carry US client accounts for permissioned markets deployed on Hyperliquid, allowing the company to bring perpetual futures to US customers within a regulated framework.
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