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The constraint blocking decentralized perpetuals venues from legal US retail access is regulatory classification.
The Commodity Futures Trading Commission requires derivatives exchanges serving American customers to hold designated contract market status, a registration threshold offshore-built protocols like Hyperliquid have never cleared.
Trump's statement that the CFTC is pursuing compliant US access for Hyperliquid put that threshold in motion. HYPE, the protocol's native token, gained 20% and reached $72 on the news.
No formal regulatory plan has been published, and the CFTC has not issued a statement.
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