How Hyperliquid plans to enter the US (and why a VPN isn’t an option)
On October 15, Hyperliquid CEO Jeff Yan joined Bloomberg’s Odd Lots podcast and explained how his platform can become legal in America.
First, about VPNs. Americans are currently barred from accessing the platform. Some use a VPN to get in, but that violates the platform’s rules. Legal access requires a different route.
Which one exactly? Yan suggests separating two things:
🔧 The blockchain is the “plumbing.” It simply processes transactions and doesn’t interfere with anything.
🏦 The companies that build markets on it are the “plumbers.” They decide what to sell and to whom. In his view, they’re the ones the regulator should hold accountable.
The logic is simple: responsibility for the rules lies with whoever has the levers of control. You wouldn’t fine a pipe for carrying someone else’s water.
And what about regulators? Yan understands their caution: they have an established financial system, and its participants need to be protected. Besides, the blockchain is transparent. Anyone can verify the figures using public data, and judging by the logic of this approach, regulators should like that.
What’s next? A real entry into the U.S. will most likely happen through licensed intermediaries like Bitnomial. We’re waiting for CFTC decisions, while CME is in a legal dispute with the regulator over perpetual futures.
In short: Hyperliquid wants to enter the U.S. through the front door, not sneak in through a VPN backdoor—with licensed companies serving as the doormen.
Hyperliquid is buying back its own token
Hyperliquid and the money pipeline
