Hyperliquid could face a 10-to-12-month U.S. regulatory process even if federal agencies move quickly, former SEC senior counsel Ashley Ebersole said after President Donald Trump said regulators were pursuing a compliant route for the perpetual futures platform. The central challenge is not merely registering Hyperliquid, but determining whether existing law gives the SEC and CFTC authority over offshore-style crypto perpetual futures and creating rules for their domestic distribution. The CFTC would likely oversee perpetual contracts tied to commodities, including crypto assets that are not securities, while the SEC could regulate contracts based on securities as security-based swaps or other securities-linked products. A compliant structure could require registration for the trading venue, clearing operations and intermediaries, potentially including DCM and DCO infrastructure. Regulators could use formal rulemaking, exemptive relief, or both. Trump raised the issue at an Aug. 19 White House meeting and said CFTC Chair Michael Selig was working to bring Hyperliquid to the U.S. in a fully compliant and legal fashion, but contemporary reports identified no approval, structure or timetable. The administration was also urging Congress to advance the Digital Asset Market Clarity Act, or CLARITY Act, which would clarify SEC and CFTC oversight. Ebersole said a six-month process was possible if the agencies relied heavily on existing authority and exemptions, while litigation, interagency disagreements, changing political priorities or a need for legislation could delay a launch. The outcome would affect more than Hyperliquid: any workable framework would provide a basis for other appropriately registered platforms, including Coinbase and Kraken, to seek similar products.