Wall Street’s fight with Hyperliquid could decide who controls 24/7 markets
Wall Street giants CME and ICE are lobbying against crypto venue Hyperliquid, which pioneered 24/7 markets, over control of continuous trading.Summary
CME Group and ICE (NYSE) are launching 24/7 trading for crypto futures and tokenized securities, adopting the always-open market structure pioneered by crypto-native venues like Hyperliquid. However, these Wall Street incumbents are reportedly lobbying US officials to rein in Hyperliquid, alleging its anonymous environment could distort oil prices and facilitate market manipulation. This push is framed as a market integrity issue, but it's also a fight over who will control continuous trading markets, particularly when oil is involved. Hyperliquid, with significant perpetual volume, operates on a fully on-chain order book, offering speed and composability that traditional venues struggle to match within regulatory perimeters. The outcome of this lobbying effort will determine whether Hyperliquid's dominance in on-chain perpetuals continues or if institutional flows migrate to regulated 24/7 futures, impacting the future of always-open market infrastructure.
(Source：CryptoSlate)