Hyperliquid may eventually need to introduce KYC checks and accept a more centralized structure if it wants to satisfy U.S. regulation and compete with traditional venues such as CME and Nasdaq, Wintermute CEO Evgeny Gaevoy said in an interview with Wu Blockchain. He said the platform has been performing well in tokenized real-world assets, commodities and stock tokens, but faces two longer-term constraints: regulation and throughput. Gaevoy's comments underscore the broader tension for decentralized exchanges as compliance requirements that can attract institutions may also erode user anonymity and the platform's decentralized appeal.