According to CoinMeta, Wintermute CEO Evgeny Gaevoy identified two major risks that Hyperliquid faces during its expansion in the United States: regulation and throughput. He stated that if future regulations in the U.S. become more stringent, Hyperliquid may be forced to introduce KYC requirements or restrictions on users from sanctioned regions. Gaevoy is also concerned that heavy compliance efforts could change the difference between Hyperliquid and traditional centralized exchanges. Additionally, Gaevoy questions whether blockchain can handle the massive trading volumes handled by traditional exchanges such as CME and NASDAQ. He believes that competing directly with large financial exchanges could force Hyperliquid to become more centralized. Nevertheless, Hyperliquid is still working to find regulatory pathways to enter the U.S. market, which could bring new capital and liquidity to its ecosystem.