Hyperliquid Seeks US Rules Protecting Its Blockchain, Pushes Oversight to App Layer

Hyperliquid's push to shift compliance onto the institutions operating on top of its chain is a notable attempt to position a public blockchain as neutral infrastructure rather than a regulated venue — an argument that echoes how cloud providers frame their role. If US policymakers accept that layer separation, it could reshape how decentralized trading venues engage with traditional finance; if not, the AWS-style pitch remains untested. The key question is whether regulators treat the base network as a utility or as part of the exchange stack.