Hyperliquid’s creator Jeff Yan suggested that U.S. regulators should direct oversight toward companies that operate on blockchain networks rather than the networks themselves. In a Bloomberg interview, Yan argued that firms building trading platforms on Hyperliquid should meet the same compliance standards as traditional financial institutions that use internet infrastructure. He said the appropriate regulatory layer is where controls are applied, and those controls are exercised by the deployers of the technology. Yan’s stance could enable Wall Street firms to launch regulated trading operations on Hyperliquid without classifying the blockchain as an exchange. Kraken’s parent company, Payward, plans to offer U.S. investors access to derivatives built on Hyperliquid’s technology through a regulated exchange, even though Hyperliquid’s perpetual futures market remains closed to U.S. customers. Yan emphasized that the proposal does not aim to replace existing market structures but to let the technology serve participants in a more efficient way. His comments follow remarks by former President Donald Trump in August indicating that the Commodity Futures Trading Commission was working to bring Hyperliquid under federal regulatory frameworks.