Hyperliquid Founder Jeff Yan Advocates for U.S. Oversight of Trading Firms, Not Blockchain Network

Hyperliquid founder Jeff Yan said U.S. regulators should oversee financial firms operating on the blockchain, not the network itself, arguing that regulation belongs at the layer where controls are exercised. This proposal could enable Wall Street firms to build regulated trading businesses on Hyperliquid without requiring the blockchain to register as an exchange. Kraken's parent company, Payward, plans to offer U.S. investors derivatives using Hyperliquid’s technology through a regulated exchange, despite Hyperliquid's perpetual futures market currently being closed to U.S. customers.