Research: Hyperliquid may enter US compliant market via licensed HIP-3 DEX

Blockworks Research noted that Hyperliquid is seeking a compliant path into the US market through regulatory advocacy and technical adjustments. The report said Hyperliquid's modular architecture (HyperCore for trading and clearing, Deployer for market creation, Builder for user access) naturally maps to the traditional finance roles of DCM, DCO, and FCM, but implemented on-chain.

Hyperliquid is currently blocked in the US due to conflicts with US market structure laws. The report argues that a licensed HIP-3 deployment (a DEX restricted to whitelisted users) is key to compliance, with registered entities handling KYC and compliance obligations while whitelisted market makers provide liquidity. Trump's recent announcement of a CFTC chairman intent on bringing Hyperliquid under the US regulatory framework is seen as a positive signal. Hyperliquid's policy center has submitted recommendations to the CFTC and SEC, proposing that registered entities be allowed to use HyperCore while bearing compliance responsibilities.

[ChainCatcher]