特朗普表态推动Hyperliquid上岸，CFTC着手监管

Presidential level attention to a specific offshore crypto event venue is kind of unusual. It's unprecedented, even what just happened. And why do you think it matters from where you sit? Absolutely, Scarlett. I mean, the for the present United States president to signal that they're working on getting an offshore venue onshore and announced that or, you know, intimate that that's coming down the pike is actually unprecedented.

And that happened in front of the SEC chair, the CFTC chair, this Ice chair. You talking about the who's who the crypto world will present at the white House when when President Trump made that announcement so absolutely unprecedented the very next day, the CFTC might see it announces that that the Innovation Advisory committee that I think it was on Thursday that they were working on hyper liquid to be brought onshore.

I mean, I cannot imagine or describe the importance of this. Hyper liquid is the biggest name in the decentralized finance space. They've done about $114 billion in portfolio in Perpetual Futures last month alone. Overall, about $500 billion the last 6 to 8 months. Bringing that onshore would be the first DeFi platform that would be regulated onshore by the CFTC. That lays the footprint for every other DeFi platform that comes in from offshore.

So across all boards, a major, you know, major news story. So what reason we like well, there are a million reasons we like talking to you. But one of the reasons is because you focus so much on our market structure, and you look at sort of the plumbing, the underlying pipes and the connection between traditional finance and DeFi. So let's talk about the evolution of 24 seven trading and how that is starting to move from, uh, DeFi to traditional finance.

Bloomberg ran the story about trade X, Y, Z, a platform built on top of hyper liquid. It did $500 billion in volume. Since October, we talked a little bit about it, uh, during the pre IPO of space. Is this just laying the groundwork for 24 over seven trading of stocks? It absolutely does Tim. And I think the backstory here, the most important part is what's going on. The the long term structural change and stuff that we've been talking about on this show for the last many years, particularly this year, is how crypto technology.

So the underlying blockchain technology is coming on board in trad fi. And let me describe the elements off that. It's 24 over seven instantaneous on chain cross-border in one integrated system, decentralized and permissionless. Um, those things are absolutely coming on chain. The 24 over seven nature of activity that we've seen in crypto is being brought onshore. So absolutely, that's a major issue coming back to trade x y, z.

So trade x, y, z is just one of the many, uh, service offerings on the hyper liquid platform. No different than an app on the Apple iOS. So X, Y, Z, and hyper liquid being bought on onshore would be a major, major factor. I've got to emphasize, though, that like we've seen it past cycles of market structure, the same promise potential, the opportunity that new technologies bring onshore, they also bring on a traditional finance, also bring a lot of risks involved.

So one example is all the, you know, let's say you have problems doing liquidations happening the crypto market over the weekend that don't come onshore under the track five gold till Monday morning happens. So those are structural problems with regulation. Hasn't caught up with the technology has yet. Got it, got it I know that you follow the CMS strategic decisions uh pretty carefully. And of course the CME introduced to compute futures this year, but also sued the CFTC to block, uh, Kelsey's perpetual futures.

And as we've been discussing, the white House wants to bring hyper liquid onshore. What does this all mean for the legacy exchanges the incumbents um ice CME even Coinbase derivatives. Got of the the the pitched battle we are seeing between incumbent players and capital markets against these upstarts, new players that have come in, whether it's folks that have been around for ten years like Coinbase, but also the upstarts like hyper liquid.

I mean, that has got to be the market structure story for 2026. We have seen the CME, as you mentioned, playing offense where it is in their self-interest so that compute futures involved defense when it comes to things that perpetual features that they consider they are, you know, could threaten the traditional business. So, uh, absolutely. For Ice and CME, Nasdaq New York Stock Exchange, their attempts to tokenize stocks are all attempts at combating and fighting off and fending off their turf in the capital markets.

But it's no different than using Swift, you know, fight the battle in the payment space against a stablecoin. Issuers like, you know, Circle and Tether. So that is absolutely the bigger, you know, market structure story for 2026.