Trump embraces divisive crypto exchange
President Donald Trump’s on-camera openness to US market access for Hyperliquid won’t thrill its domestic competitors.
President Donald Trump publicly endorsed US market access for Hyperliquid, a Singapore-based cryptocurrency exchange that enables anonymous trading. This move is likely to be met with disapproval from domestic competitors such as Intercontinental Exchange Inc. and CME Group Inc., who have previously called for tighter US regulations on Hyperliquid.
The exchange has been flagged for its potential to manipulate prices or circumvent sanctions. During a White House event marking the start of the CFTC’s Innovation Advisory Committee’s first meeting, Trump discussed Hyperliquid's potential. Other attendees included prominent crypto firms like Coinbase, Kraken, and Gemini, as well as trade associations like the Digital Chamber and traditional finance companies such as Intercontinental Exchange and Nasdaq.
Summer Mersinger, CEO of the Blockchain Association, expressed optimism about the momentum in digital assets legislation, stating that the industry needed a motivational boost following the recent cloture filing and vote.
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