Wintermute CEO Evgeny Gaevoy said Hyperliquid faces two major long-term challenges as it seeks a regulated route to bring its perpetual futures (derivatives with no expiry) to U.S. users: tighter regulation and blockchain throughput (transaction-processing capacity). He warned that if U.S. rules harden under a future administration, Hyperliquid could be pushed toward KYC (identity verification) requirements or limits on users from sanctioned jurisdictions, weakening the features that set it apart from centralized exchanges. Gaevoy also questioned whether blockchains can ultimately handle the volumes processed by traditional venues such as CME and Nasdaq, arguing that competing at that scale may require Hyperliquid to become more centralized. The platform is nonetheless pursuing U.S. access through a structure that would let U.S.-regulated firms offer its perpetual futures to American users while trades are executed and settled on Hyperliquid’s blockchain. The Hyper Foundation-backed Policy Center has been engaging with policymakers in Washington, and CEO Jake Chervinsky is advocating a favorable reading of existing rules rather than waiting for the delayed CLARITY Act. Hyperliquid already generates substantial activity without U.S. users, with about 32% of second-quarter volume linked to stocks and other real-world assets. Its token, HYPE, was around $57.46, about 25% below its June all-time high. The central question is whether Hyperliquid can enter the U.S. market without losing its onchain structure or failing to scale against traditional financial exchanges.