CME and ICE urge U.S. regulators to scrutinize Hyperliquid over manipulation, sanctions and HLP vault revenue model

CME Group and the New York Stock Exchange’s parent company, Intercontinental Exchange (ICE), have reportedly urged U.S. regulators to scrutinize Hyperliquid, citing concerns about potential market manipulation and sanctions evasion on the decentralized perpetuals platform ^{[1] [2] [3]}.

Critics have also questioned Hyperliquid’s HLP vault structure and the protocol’s revenue model, which ties income to trader losses; the token HYPE briefly traded near $44 as it held recent gains, with CoinGecko data showing HYPE around $43.61 and nearly $887 million in daily volume at the time of reporting ^[4].

Observers say increased regulatory attention from traditional financial firms could reshape the decentralized trading landscape by pushing for clearer compliance and oversight standards, a development highlighted in coverage of the lobbying efforts ^{[3] [1]}.

The push by major TradFi firms for regulatory action underscores growing tensions between centralized market operators and DeFi platforms, and may prompt U.S. authorities to weigh enforcement and rulemaking options for decentralized derivatives markets ^{[1] [3]}.