Hyperliquid could face a 10-to-12-month regulatory process to enter the U.S. even if federal agencies move quickly, former SEC senior counsel Ashley Ebersole told crypto.news. The challenge extends beyond a single CFTC (U.S. derivatives regulator) registration: regulators would need to determine how perpetual futures fit within existing securities and derivatives laws, potentially involving trading-venue, clearing and intermediary requirements. The CFTC would likely oversee contracts tied to commodities, including crypto assets that are not securities, while the SEC (U.S. securities regulator) could oversee contracts linked to securities. Agencies could use rulemaking, exemptions or both, although litigation, interagency disputes, political changes or the need for legislation could delay the process. Existing authority might offer a faster but less certain route, while congressional action would provide greater legal clarity. Any framework created for Hyperliquid would also be available to qualifying registered platforms such as Coinbase and Kraken.