According to CoinMeta, Hyperliquid founder Jeff Yan stated that he hopes U.S. regulators will treat L1 blockchain as infrastructure rather than an exchange, thereby shifting the compliance burden to institutions that operate trading markets on the chain. This approach utilizes regulated intermediaries such as Bitnomial and Kraken to allow U.S. users to access perpetual contracts without having to complete a full exchange registration process. However, the offshore architecture of the protocol faces opposition from Congress and CFTC.