r/WhatTrumpHasDone
‘No dark arts to this’: How an obscure crypto platform hit Trump’s radar
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President Donald Trump and one of his top market regulators are throwing their weight behind a little-known cryptocurrency exchange that allows traders to make risky bets on everything from SpaceX to the price of oil. It may supercharge the war between legacy Wall Street players and the politically influential upstarts vying to take them on. All this burst into the open at the White House last week when Trump surprised markets by touting his administration’s work to bring the offshore crypto platform, Hyperliquid, into the U.S. The Hyperliquid name-check came at the request of the Commodity Futures Trading Commission, a small but powerful market regulator, said a person familiar with the matter, who was granted anonymity to speak freely. The agency’s staff wanted to show its commitment to bring crypto companies onshore, the person said. For Hyperliquid’s backers, the presidential shout-out could juice their bid to open the platform up to the American public. “There’s really no dark arts to this,” said Jake Chervinsky, who leads the Hyperliquid Policy Center, an advocacy group that was set up by a Hyperliquid-linked foundation earlier this year. Chervinsky said he was surprised by the president’s shoutout and called it a sign of “the importance and the priority of the work that we’re doing and the mission to bring Hyperliquid onshore in a legal and compliant...
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Yet their recent introduction into the U.S. has drawn fierce resistance from the Chicago-based exchange giant CME, which in June sued over the CFTC’s approval of the products, as well as consumer watchdogs and even some agricultural groups.
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CME Group CEO Terry Duffy has warned that perps products more broadly could bring about a “2007 for retail.”
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