Hyperliquid Strategies Applies for U.S. FCM Approval
Through its subsidiary HypeStrat Markets, Hyperliquid wants to secure an FCM license to offer perps and other derivatives under U.S. supervision. The application is still with the NFA, while the CFTC works on new rules.
Key Takeaways
- Hyperliquid Strategies has officially filed an application to be regulated as a futures commission merchant.
- Through its subsidiary HypeStrat Markets, the company wants to bring Hyperliquid trading activity to the United States.
- The application is still under review, while U.S. rules for crypto derivatives are being tightened further.
Hyperliquid Strategies, the publicly traded company that buys and holds HYPE tokens, has formally filed an application to move part of its trading activity to the United States. The company wants to be regulated as a futures commission merchant, or FCM, for that purpose, but says the timing is still uncertain.
FCM Application Under Review
The company said Thursday that it wants to set up an FCM to bring markets running on Hyperliquid to the U.S. The application goes through HypeStrat Markets, a subsidiary, and according to the NFA records is still under review.
Hyperliquid has grown into a major player in perpetual futures, also known as perps, but access for U.S. customers remains closed for now. The network's own blockchain and the HYPE token are central to the ecosystem. Hyperliquid Strategies, which is separately listed, focuses on buying, holding, and staking that token.
Regulation Around Perps Is Growing
The move fits into a broader shift around U.S. crypto derivatives. The CFTC has been working for some time on a framework for crypto derivatives and proposed new rules in October 2026 for trading crypto assets that are leveraged, margined, or financed. That also includes a new type of exchange registration for this kind of transaction.
In August, President Donald Trump said his administration wanted to bring Hyperliquid to the U.S. in a fully compliant and legal way, with help from the CFTC. At the same time, such a plan is sensitive in the U.S. derivatives market, where legal objections exist even as the regulator is opening the door wider.
Why This Matters
For European crypto followers, this shows how quickly the perpetual futures market is moving toward stricter regulation. If a platform like Hyperliquid wants to serve U.S. customers through an FCM structure, that says something about the growing role of oversight for products that were previously traded mostly outside the U.S. For the broader crypto market, the key point is that the debate is no longer just about access, but also about what legal structure is needed for it.