Hyperliquid Strategies, the publicly traded treasury vehicle tied to the Hyperliquid ecosystem, says it has filed to bring some trading activity into the U.S. by seeking registration as a futures commission merchant (FCM), according to a Thursday statement accompanying its quarterly results. "Setting up an FCM is how we intend to help bring markets deployed on Hyperliquid onshore," the company said, signaling an intent to create a regulated domestic venue for products currently traded offshore. Hyperliquid has become a major global player in perpetual futures — or “perps” — trading, operating on its own blockchain and using the native HYPE token. A related, publicly traded entity, Hyperliquid Strategy (PURR), focuses on buying, holding and staking HYPE. The move comes amid broader U.S. interest in repatriating derivatives trading. In August, President Donald Trump said his administration was working to bring Hyperliquid into the U.S. "in a fully compliant and legal fashion" with assistance from the Commodity Futures Trading Commission (CFTC). Regulators have been gradually opening doors for crypto derivatives, but the push to grow U.S.-based perps markets has met legal and industry pushback from parts of the domestic derivatives sector. For crypto traders and market-watchers, registration as an FCM would be meaningful: FCM status would let Hyperliquid facilitate futures trading for U.S. customers under CFTC oversight, potentially offering clearer compliance pathways and access to U.S. liquidity. The application is still pending, and the platform itself remains closed to U.S. users for now, so any shift onshore will depend on regulatory review and how the broader debate over domestic perps markets unfolds. Read more AI-generated news on: https://app.chaingpt.org/news