Hyperliquid's US regulatory path: HyperCore, HIP-3 deployers and builders
Quote209 words
Summarizes a Blockworks article: US market structure law maps onto Hyperliquid's stack as HyperCore = exchange and clearing, HIP-3 deployers = listing venues, builders = brokers. Permissioned KYC'd HIP-3 DEXs on testnet would let compliant venues share Hyperliquid's liquidity.
Key claims
Trump said CFTC chairman Selig intends to bring Hyperliquid onshore
Permissioned HIP-3 DEXs with whitelisted KYC users are already on testnet
Whitelisted MMs can bridge liquidity across books
Highly recommended read on Hyperliquid's regulatory path and how things are likely to play out.
TL;DR:
- US market structure law was written for registered exchanges, clearinghouses and brokers. Permissionless onchain infra fits none of those boxes, hence the current geoblock
- Hyperliquid's stack mirrors exactly that separation tho: HyperCore = exchange + clearing, HIP-3 deployers = listing venues, builders = brokers
- @HyperliquidPC isn't asking for non-KYC access. The pitch is that Hyperliquid is neutral infra, and regulated firms should be free to build on it as long as they carry the compliance obligations
- And it's working. Trump just announced that CFTC chairman Selig intends to bring Hyperliquid onshore
- The tooling is already on testnet: permissioned HIP-3 DEXs with whitelisted KYC'd users, plus account controls that mirror an FCM's close-out authority
- Separate books, but same L1 and general mechanics. Whitelisted MMs can also still bridge liquidity across books, so compliant venues actually inherit Hyperliquid's depth instead of fragmenting liquidity
- US investors get compliant access through regulated builders and deployers, while Hyperliquid itself stays permissionless neutral infra
Def worth your time if you're just catching up on what's happening around Hyperliquid.
Full article by @shaundadevens / @Blockworks ↓
More on Hyperliquid and ecosystem ↓
x.com/zerokn0wledge_/status/2090485518471442448
QUOTING @shaundadevens
t.co/oy3IXREaWd
t.co/oy3IXREaWd
2 images on X
What came next · since 20 Aug 2026
Since then
Zero has written 1 more piece on Hyperliquid since this one.