US rule rewrite looms for $200B on-chain venue Hyperliquid as Trump signals onshore approval

President Donald Trump said Aug. 19 that CFTC Chair Michael Selig is working to bring Hyperliquid to the US in a fully compliant, legal way.Hyperliquid's official interface currently keeps US persons off the platform, part of the regulatory geography that let crypto's largest perpetual futures venue grow up outside American oversight.Hyperliquid processed over $114 billion of perpetual futures trading volume in August and carries open interest above $10 billion. It has crossed $5 trillion in cumulative perpetual volume and generates close to $50 million in protocol fees every month.Hyperliquid’s perpetual volume fell sharply in August while open interest climbed toward $12 billion after rising steadily since February.HYPE rallied past $70 again for the first time since early July, up 20% since Trump's remarks.MetricApproximate figureWhy it matters30-day perpetual volume~$200BShows active trading scaleOpen interest$10B+Shows the size of live leveraged exposureCumulative perpetual volume$5T+Shows long-term market relevanceMonthly protocol fees~$50MShows the economic value of U.S. accessHYPE move after Trump remarks+20%Shows the market interpreted the comment as materialSelig's own re...