Records from the National Futures Association (NFA) show that HypeStrat Markets, a subsidiary of Hyperliquid Strategies, is an applicant for futures commission merchant (FCM) registration, which is still pending approval. If regulators approve the application, the FCM plans to use Hyperliquid HIP-3 permissionless markets to open and maintain accounts for U.S. customers. The outcome of the application and the approval timeline remain uncertain.