Hyperliquid Says US Entry Hinges on Compliance of Separate Operating Entity

Hyperliquid's US path now runs through a third-party entity rather than the protocol itself, a structural choice that separates the decentralized core from the regulated front end. The HIP-3 upgrade is the real story here: letting outside parties spin up derivatives markets on stocks, gold and crude blurs the line between crypto venues and traditional commodity access, and Trade.xyz's volume suggests demand exists. Whether that volume reflects durable trading or incentives, and whether regulators accept the entity-based workaround, are the open questions worth watching.