Trump Signals Regulatory Path for Hyperliquid Onshore Product
President Trump stated on 4 September his team is working to bring Hyperliquid onshore via a compliant US product; no filings yet and timeline uncertain.
President Donald Trump stated on 4 September that his team is working to bring Hyperliquid onshore in a fully legal and compliant way.
Material facts
The expected structure is a separate US product rather than direct access to the offshore order book. Payward, owner of Kraken, acquired Bitnomial in May 2026 for up to $550 million; Bitnomial holds designated contract market status. Hyperliquid currently holds about $14.1 billion in open interest and traded about $213.9 billion over 30 days.
Open items
No filings, approvals, or rule changes have occurred yet. Estimated timeline is 10 to 12 months even with cooperative regulators. A CME lawsuit against the CFTC over a rival approval remains pending.