According to CoinMeta, Ran Neuner, the founder of Crypto Banter, stated that regulation is the biggest risk Hyperliquid faces. Currently, perpetual futures cannot be freely traded in the United States. Hyperliquid, as a decentralized trading platform that does not require KYC, has implemented geographical restrictions for American users, but these restrictions can still be bypassed. On the other hand, if the United States allows compliant platforms to offer perpetual futures, Hyperliquid may also face more intense competition, and some American users might switch to regulated platforms. However, Neuner believes that Hyperliquid has already formed a strong network effect and could consider launching a regulated version in the United States by following the example of other platforms.