President Donald Trump announces that CFTC Chairman Michael Selig is working to bring the offshore decentralized exchange Hyperliquid legally into the United States. The news triggers a 31% surge in Hyperliquid Strategies shares and an 18% jump in the HYPE token, while traditional exchange operators like Cboe and CME experience stock declines. Meanwhile, blockchain analysts spot an unconfirmed 'Kraken HIP-3 test DEX' testing compliance controls on Hyperliquid's testnet, signaling potential institutional preparation for compliant on-chain perpetual trading.
Trump Hyperliquid onshore push
- ▪Hyperliquid, which was co-founded by former Hudson River Trading trader Jeff Yan and has its main developer Hyperliquid Labs based in Singapore, is currently not officially open to United States traders.
- ▪During an August 19, 2026 press conference, President Donald Trump stated that Commodity Futures Trading Commission Chairman Michael Selig is working to bring the Hyperliquid decentralized exchange into the United States legally.
- ▪David Schamis, CEO of Hyperliquid Strategies, stated that entering the United States market requires working within existing rules rather than waiting for the passage of the proposed Clarity Act cryptocurrency framework.
- ▪David Schamis, CEO of Hyperliquid Strategies, stated on August 19, 2026, that the company has been trying to enter the United States market and that President Donald Trump's comments make it a priority.
Kraken HIP-3 testnet deployment
- ▪In August 2026, Kraken launched traditional United States stock trading for European Economic Area customers, expanding on its existing tokenized equity offerings like xStocks and xChange.
- ▪The "Kraken HIP-3 test DEX" deployment approved 10 wallets through a gating system and registered a validator under the name "Kraken Exchange Validator," though Kraken has not confirmed ownership.
- ▪Blockworks analyst Shaunda Devens reported on August 21, 2026, that a testnet deployer named "Kraken HIP-3 test DEX" activated a permission system called Star gating on Hyperliquid's testnet on August 19, 2026.
HIP-3 compliance controls framework
- ▪The observed testnet compliance controls on Hyperliquid allow a deployer to cancel open orders, close positions through reduce-only orders, and transfer collateral to restrict access or respond to legal orders.
- ▪As of July 2026, open interest on Hyperliquid's HIP-3 markets had surpassed $1.43 billion, with contracts tracking equities and commodities representing seven of the platform's ten largest markets by volume.
- ▪Hyperliquid's HIP-3 framework, active on mainnet since October 13, 2025, allows independent builders to operate perpetual futures markets by staking 500,000 HYPE tokens.
Hyperliquid stock price surge
- ▪Following President Donald Trump's comments on August 19, 2026, shares of traditional exchange operators fell, with Cboe Global Markets dropping up to 6.1% and CME Group sliding up to 3.4%.
- ▪Following President Donald Trump's comments on August 19, 2026, shares of Hyperliquid Strategies surged up to 31%, while the HYPE digital token jumped 18%.
Options trading volume spike
- ▪Options trading volume in Hyperliquid Strategies on August 19, 2026, reached nearly eight times its 30-day average, with over 120,000 call options traded compared to under 8,000 puts.
- ▪Millbank Dartmoor Portsmouth co-founder Dennis Davitt noted that nearly $2 million in Hyperliquid Strategies call options traded before President Donald Trump's 3 p.m. announcement on August 19, 2026, indicating potential insider activity.
Perpetual futures regulatory shift
- ▪FalconX global co-head of markets Joshua Lim stated that Hyperliquid represents the convergence of traditional asset classes being traded, margined, and settled 24/7 on cryptocurrency rails.
- ▪Monarq Asset Management Chief Operating Officer Ayesha Kiani stated that President Donald Trump's comments indicate that decentralized market infrastructure is increasingly entering mainstream policy conversations.
- ▪On July 28, 2026, a Hyperliquid perpetual contract tracking SK Hynix shares fell 17.9% intraday due to an isolated low trade on South Korea's NextTrade entering the contract's oracle system.
- ▪Commodity derivatives offered to United States retail traders must generally operate through entities registered with the Commodity Futures Trading Commission, which approved a Bitcoin perpetual futures contract in May 2026.
- ▪The Commodity Futures Trading Commission has recently established conditions under which regulated United States platforms can offer perpetual contracts, aligning with efforts to onshore crypto trading.
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