The outlet reported, citing people familiar with the discussions, that the two companies have conveyed concerns to the CFTC regarding Hyperliquid’s pseudonymous trading environment—which could theoretically be used by insiders or sanctioned entities.
Because Hyperliquid is unregulated, ICE and CME reportedly fear that oil prices could be improperly swayed, compromising the integrity of market gauges that ultimately feed into the cost of goods and services associated with shipping and transportation.
The Hyperliquid Policy Center acknowledged in its X post that “U.S. law is not currently tailored for derivatives markets on public blockchains like Hyperliquid,” noting that it’s eager to continue working with policymakers in Washington on regulatory matters.
As of Friday, Brent crude perpetual futures on Hyperliquid comprised $306 million worth of outstanding contracts, or 3.4% of Hyperliquid’s open interest. Meanwhile, perpetual futures tied to the price of Bitcoin represented $2.2 billion in notional value, or 24% of open interest.
