Hyperliquid plans US market entry by licensing compliance to third-party firms rather than pursuing its own exchange license.
DeFi & Yields ·
Hyperliquid intends to enter the US market through a licensing model rather than obtaining its own exchange license. According to reporting, third-party firms building on the Hyperliquid platform would handle compliance obligations themselves, allowing the protocol to operate in the US without seeking direct regulatory approval as an exchange.
This approach sidesteps the need for Hyperliquid to navigate the licensing process independently, shifting compliance responsibility to downstream applications. By positioning itself as infrastructure rather than a regulated venue, the protocol could potentially reach US users while the firms deployed on top of it manage their own regulatory standing.
The strategy's viability remains contingent on how regulators interpret the regulatory boundary between a decentralized protocol and exchange-like services built atop it, and whether third-party licensees can successfully obtain the necessary approvals.