CZ says Hyperliquid US entry benefits market as HYPE jumps 24%

Changpeng Zhao said the regulatory path opening the US market to Hyperliquid should extend to the entire crypto industry, not just one exchange.

Changpeng Zhao said US regulatory openings for Hyperliquid should extend industry-wide, as the exchange's HYPE token jumped 24 percent to $72.76 after President Donald Trump disclosed CFTC efforts to bring the platform onshore.

"Many people are missing the essential point," Zhao, founder of Binance, said on X on Aug. 20. "What's good for one is good for the rest of the industry."

Trump said Aug. 19 that CFTC Chair Mike Selig is working to bring Hyperliquid into the US "in a fully compliant, legal manner." HYPE's market value reached about $18.28 billion with 24-hour volume of $1.52 billion, up 542 percent, per CoinMarketCap data. The CFTC approved Kalshi's bitcoin perpetual futures in May, setting a precedent for the derivatives product.

A compliant US entry would deepen on-chain liquidity and pressure centralized exchanges to improve offerings. Coinbase has already integrated Hyperliquid-powered perpetual futures into its Base App, giving eligible users access to more than 290 markets with up to 50x leverage.

Trump's remarks and the regulatory path

At a White House meeting Aug. 19 with executives from Coinbase, Gemini, Ripple and Chainlink Labs, Trump also renewed his push for congressional passage of the Clarity Act, which would establish federal rules for digital asset markets. Zhao, speaking at the SALT Conference's Wyoming Blockchain Symposium, said "there will be so many Perp DEXs & decentralized services available to US users."

Hyperliquid, a decentralized exchange that processes perpetual futures on-chain without a central administrator, has historically restricted access for US residents. Its potential entry marks one of the few instances where the administration has signaled intent to bring a major overseas derivatives platform into the domestic market.

Market reaction and what's at stake

Beyond HYPE, the broader crypto market recovered, with total market cap rising almost 9 percent to $2.46 trillion. Bitcoin reclaimed the $72,000 level, up more than 11 percent, while Ethereum rallied almost 20 percent to $2,276. Zhao's family office YZi Labs-backed Aster decentralized perpetual exchange also saw demand, with ASTER up 12 percent to $0.671.

Whether regulators' treatment of individual companies sets a precedent for all market participants remains to be seen. Zhao's challenge highlights his position that US crypto regulation should be a cross-industry framework rather than preferential treatment for specific firms, a stance shaped by Binance's own legal battles with US authorities.

This article is for informational purposes only and does not constitute investment advice.