Can Hyperliquid Come Onshore Without Killing What Makes It Special?

Unchained

Laura Shin

Tech News, Business News, News

4.6 • 1.3K Ratings

🗓️ 19 May 2026

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

CME and ICE want regulators to rein in Hyperliquid, which delivers 24/7 derivatives markets that incumbents can't match. Can it be brought onshore? ======================================================== Thank you to our sponsor! ⁠⁠⁠Coinbase One⁠⁠⁠: Get 20% off the first year of your Coinbase One annual plan at ⁠⁠⁠coinbase.com/unchained⁠⁠⁠. ======================================================== CME Group and Intercontinental Exchange have asked the CFTC to regulate Hyperliquid, the offshore perpetuals exchange that has rapidly become one of the largest derivatives venues in the world. The incumbents argue that price discovery is migrating to unregulated territory. Hyperliquid argues that its onchain transparency makes it less susceptible to manipulation, not more. Walt Lukken, president and CEO of the Futures Industry Association, and Chris Perkins, CEO of 250 Digital Asset Management, sit down with Laura Shin to work through the options: come onshore and get the licenses, stay offshore and keep growing, or further decentralize until there is no entity left to regulate. The answer may reshape how global derivatives markets are built for the next decade. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: Walt Lukken | President & CEO, Futures Industry Association Chris Perkins⁠ | CEO, 250 Digital Asset Management Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi everyone, welcome to Unchained, your no hype resource for all things crypto.
0:06.0	I'm your host, Laura Shin.
0:07.7	Thanks for joining this live stream.
0:09.6	Today's topic is whether and how hyperliquid and similar offshore crypto venues and U.S.
0:15.2	regulations can find a way to accommodate each other.
0:18.5	Here to discuss is Walt Lukin, president and CEO of the Futures
0:22.8	Industry Association, and Chris Perkins, CEO of 250 Digital Asset Management, who you probably
0:28.5	already know. Welcome Walt and Chris. Thank you. Great to be here, Laura. Excited about this one.
0:35.9	Yeah, me too. So before we dive into the meat of
0:39.6	the discussion, Walt, we would love to hear from you a little bit about FIA. Tell us what you do
0:44.9	and how your world has started to collide with the world of crypto and crypto derivatives.
0:52.1	Well, the Features Industry Association is a global trade association that represents
0:58.0	the listed and clear derivatives industry worldwide. So we have offices here in Washington, D.C.,
1:05.0	but also in London and Brussels and Singapore. But we make sure that markets are open, accessible, and, you know,
1:13.5	approachable for all the users who want to get involved in risk management and in the derivatives
1:19.6	markets. And so we make sure that regulations are appropriate, that their best practices
1:25.3	being done around the world.
1:30.8	And we've been doing that for almost 70 years.
1:32.9	So it's a long time trade association.
1:37.5	And I'm just honored to run the trade association on behalf of our membership.
1:39.3	Great.
1:43.3	So Chris, I'm sure everyone is familiar with you from bits and biffs.
	...

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