Hyperliquid’s HYPE token moved sharply towards a record high after US President Donald Trump said regulators were working on a legal route to bring the cryptocurrency trading platform into the American market.
Trump made the comments on 19 August during a White House meeting with senior figures from the cryptocurrency, technology and finance industries.
He specifically referred to work reportedly being carried out by Commodity Futures Trading Commission (CFTC) chairman Michael Selig.
“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion. Working very hard on that,” Trump said.
The meeting was attended by Coinbase chief executive Brian Armstrong, Ripple chief executive Brad Garlinghouse, Robinhood chief executive Vlad Tenev, Securities and Exchange Commission (SEC) chairman Paul Atkins, and executives from Kraken, Gemini, Cboe and Intercontinental Exchange (ICE).
Markets reacted quickly to the remarks. HYPE rose by roughly 20% to 25% over a 24-hour period, reaching about $70 to $73 and pushing its market capitalisation towards $18bn.
Trading volume exceeded $1.3bn, leaving the token within reach of a new all-time high. HYPE’s previous record came on 16 June 2026, when it climbed above $76 per token. It is currently the ninth-largest token by market capitalisation.
However, Trump did not announce regulatory approval, CFTC registration or a timetable for Hyperliquid’s entry into the US.
The platform’s main interface continues to block US users. As a result, the price rise reflects expectations of a possible regulatory breakthrough rather than a completed agreement.
What is Hyperliquid?
Hyperliquid is a blockchain designed mainly for trading, with a particular focus on perpetual futures. These contracts allow traders to speculate on the price of an asset without an expiry date and are among the most heavily traded products in cryptocurrency markets.
The platform differs from many decentralised exchanges because it uses an on-chain order book. Buy and sell orders are matched directly through the blockchain, while transactions, cancellations and liquidations remain visible to the public.
Its structure is intended to combine the speed associated with centralised exchanges with the transparency and self-custody features of decentralised finance, or DeFi.
Hyperliquid has accounted for an estimated 40% to more than 70% of decentralised perpetual futures trading volume at different times. Its lifetime trading volume has reached trillions of dollars, while open interest – the value of outstanding derivatives positions – has previously exceeded $11bn.
HYPE is central to the network’s economy. The token was launched through an airdrop on 29 November 2024 and is used for staking, governance and activity within Hyperliquid’s Ethereum-compatible smart-contract environment.
About 31% of its maximum supply of 1 billion tokens was initially distributed to early users.
Most trading fees generated by the protocol are directed to an Assistance Fund, which buys HYPE on the open market for accumulation or burning. The mechanism links activity on the platform to recurring demand for the token, meaning traders monitor Hyperliquid’s revenue and volume when assessing HYPE’s value.
Trump’s cryptocurrency and bitcoin comments on 19 August provided another potential catalyst by raising the prospect of access to the world’s largest capital market. A compliant US operation could eventually allow Hyperliquid to serve institutional traders and other customers who are currently unable to use its main interface.
The market reaction also extended beyond HYPE. Hyperliquid Strategies, a Nasdaq-listed company focused on holding HYPE, rose by as much as 30% to 31%, according to market data.
Traditional derivatives operators moved in the opposite direction. Cboe Global Markets and CME Group fell as investors considered whether a regulated, blockchain-based rival could eventually challenge established trading venues.
Bringing Hyperliquid into the US would require more than political support. Regulators would still need to address custody arrangements, leverage, market surveillance, customer protections and the way its blockchain-based order book fits within rules created for conventional financial intermediaries.
Traders are therefore expected to focus on further comments from Selig, the CFTC and its Innovation Advisory Committee. They will be looking for an actual proposal, registration process or regulatory framework.
For now, Hyperliquid has received a potentially influential signal from the White House, but no final approval. The latest rise in HYPE will depend on whether that political backing results in a workable legal route for the platform to operate in the United States.
Bitcoin also reached a session high of $71,992 after an announcement from the US Treasury and bullish comments from Trump.
