TREE NEWS reports: Hyperliquid founder Jeff Yan said regulatory obligations should fall on financial firms operating markets on the Hyperliquid blockchain rather than on the blockchain itself, in an interview on Bloomberg’s “Odd Lots” podcast published October 15. Bloomberg said the distinction would let Hyperliquid expand into Wall Street without carrying the full compliance burden of a traditional exchange, as US regulators weigh how to bring offshore trading venues into the domestic financial system.
Hyperliquid Founder Proposes Regulating Market Operators, Not Blockchains
AI take
The proposal reframes a familiar DeFi debate: whether compliance attaches to code or to the entities that commercialize it. That distinction matters most for offshore venues courting US institutional flow, since it would let a base layer stay permissionless while regulated intermediaries absorb the obligations. Yan's comments land as US regulators are still deciding how to treat offshore trading venues, so the practical question is whether that split — protocol neutral, operator accountable — becomes the template regulators accept, or whether they insist on obligations reaching the underlying infrastructure.
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