TREE NEWS update: Hyperliquid Strategies said its subsidiary has applied to register as a futures commission merchant (FCM) to bring Hyperliquid-based perpetual futures markets to the United States. The application and proposed markets require regulatory approval. Under Hyperliquid’s HIP-3 framework, operators can deploy custom perpetual markets on the protocol’s on-chain infrastructure, and the proposed feature would support permissioned markets limited to approved addresses. The subsidiary would handle US client accounts for permissioned markets.
Hyperliquid Strategies Subsidiary Files for FCM to Bring Perpetuals to US
AI take
The FCM route is the real story here: it signals a compliance-first path for a protocol-native venue to reach US clients, rather than relying on offshore access. The permissioned, approved-address design matters because it narrows who is affected — institutional and vetted participants, not retail — while HIP-3 lets operators spin up custom markets under that wrapper. The open questions are regulatory: whether the FCM registration clears and whether permissioned perpetuals gain acceptance as a template for other on-chain venues seeking US footing.
Generated by AI for reference only.
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