CME Group and ICE are reportedly pressing U.S. regulators, including the Commodity Futures Trading Commission (CFTC) and some lawmakers, to scrutinize Hyperliquid’s decentralized perpetual futures platform. According to reports, their concerns focus on how the onchain structure of the platform could increase risks of market manipulation and potentially complicate enforcement, including around sanctions. Separately, the reporting also indicates that ICE and CME are pushing for Hyperliquid to be brought under CFTC oversight, with questions raised about whether the platform should register and how existing market-stability rules apply to decentralized derivatives trading.
Hyperliquid, through its Policy Center, argues that onchain perpetual futures improve efficiency and transparency. The company’s position is that decentralization and onchain settlement provide clearer visibility into market activity compared with traditional trading models.
The developments reflect an ongoing U.S. policy debate over how regulators should oversee crypto derivatives—particularly decentralized venues—and what compliance and market-integrity requirements should apply.
