Altcoins News
By Maheen Hernandez
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Lobbying Against Hyperliquid. The two exchange giants have been urging U.S. officials to take action against Hyperliquid, an…
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CFTC's Role and Past Enforcement. The CFTC is the regulator at the center of all this.
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What's Actually at Stake. The competitive angle here can't be ignored. CME and ICE are building 24/7 infrastructure right now.
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CME Group is moving to 24/7 crypto futures and options trading starting May 29. It's a big step — and it comes with a political fight attached.
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The Chicago-based exchange logged $3 trillion in notional crypto volume in 2025, up 46% year-to-date. That's not a small number. And CME isn't alone in chasing the clock.
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Now CME and ICE want that pushback applied to someone else.
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The two exchange giants have been urging U.S. officials to take action against Hyperliquid, an offshore trading venue that lets users trade perpetual contracts — including one…
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Hyperliquid's WTI perpetual contract hit over $1.2 billion in 24-hour volume at one point. That's real size. Not theoretical.
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The platform runs on its own Layer 1 blockchain with a fully on-chain order book. Trades and liquidations settle with one-block finality.
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The CFTC is the regulator at the center of all this. Its existing framework requires strict surveillance and monitoring — and it's enforced that framework hard before. The $920.
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Read also: House Lawmakers Push CFTC to Fill Leadership Gaps as Crypto Oversight Grows
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But Hyperliquid's decentralized structure makes enforcement genuinely murky. There's no central entity to fine in the same clean way. No headquarters to raid.
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If regulators side with CME and ICE, Hyperliquid could face access restrictions or compliance requirements that would likely cut into its 30-day perpetual volume in a serious way.
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That tension between traditional financial institutions and crypto-native platforms isn't new. It's been building for years. But the oil market angle sharpens it.
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More context: THORChain Halts Trading After Suspected $10M Exploit Hits Multiple Chains
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