Trump says he wants Hyperliquid to legally enter the United States But what version of Hyperliquid will American users ultimately use? Yesterday, Trump directly pronounced the name Hyperliquid at the White House He said that CFTC Chairman Michael Selig is pushing for Hyperliquid to enter the United States in a "fully compliant and fully legal" manner But Trump only told the market that 'the United States is willing to open this door', without explaining how Hyperliquid will actually get in Blockworks has provided a possible landing path: Hyperliquid will not transform all existing protocols into a US exchange that requires real name authentication. It is more likely that regulatory agencies will deploy a separate licensing marketplace for US users on HyperCore The traditional derivatives market in the United States usually assigns responsibility to three types of institutions: exchanges are responsible for listing contracts and matching orders; The clearing institution is responsible for margin, forced liquidation, and settlement; Securities firms are responsible for opening accounts KYC、 Customer funds and order access Hyperliquid reassembles these links onto the chain: HyperCore is responsible for matching, margin, clearing, and settlement; The HIP-3 deployment party is responsible for launching the market, setting up oracle machines, leverage restrictions, and contract parameters; Builder is more like a brokerage or trading terminal, responsible for acquiring users and sending orders to HyperCore The problem is that the existing regulatory system in the United States was originally designed as a centralized institution, where exchanges need to identify participants and supervise the market, securities firms need to complete KYC, and have the ability to dispose of positions when customer margin is insufficient Nowadays, Hyperliquid allows any wallet to enter, users keep their own assets, and clearing is automatically executed by protocol rules This is also the reason why Hyperliquid cannot be directly opened to American users for a long time The solution promoted by the Hyperliquid Policy Center is not to allow anonymous funds to directly enter the existing market in the United States. It wants to promote the use of HyperCore by US agencies that have already obtained regulatory licenses, while these agencies assume their own compliance responsibilities This route has already had two corresponding functions on the test network The first item is HIP-3 licensing system The deploying party can establish an address whitelist for their own market, and only verified wallets can participate in transactions. The restriction only applies to the deploying party's own DEX The Hyperliquid native market and other HIP-3 markets can still remain permissionless In plain terms, Hyperliquid is not planning to close the original door, but to open a separate "US branch" next to it. On one hand is the global market that any wallet can participate in, and on the other hand is the US market operated by compliance agencies that only allows whitelist addresses to enter The second item is the PA account control function It can allow specific deployment parties to perform partial risk operations on user accounts, such as canceling orders, submitting reduced only orders, or mobilizing USDC within DEX This may sound centralized, but it is a capability that American securities firms find difficult to bypass. If the client's margin is insufficient, the securities firm cannot wait for the client to go online and handle it on their own. They must be able to reduce positions and control risks in a timely manner So these test network functions are likely to be the basic tools prepared for compliance agencies to access Of course, this structure also comes at a cost The US licensing market cannot be directly mixed with anonymous order flows, BTC、 Contracts such as stocks and commodities may need to be redeployed and form independent whitelist order books. If the same asset exists in two markets simultaneously, liquidity will naturally be dispersed But the two markets are still built on the same chain, collateral assets, and underlying system. Approved market makers can enter both order books at the same time, provide quotes and complete hedging on both sides. Liquidity will be separated, but it may not be completely isolated like two independent exchanges More importantly, this licensing market is incremental rather than replacement, and it does not require the cancellation of existing permissionless markets, nor does it require all global users to complete KYC The US agency is responsible for identity verification and regulatory obligations in the US market, while existing users can continue to use Hyperliquid without permission Looking back at the actions of the past few months, this route has become increasingly clear In July, the Hyperliquid Policy Center and Phantom proposed to the CFTC that regulated agencies should be allowed to use on chain matching, margin, and settlement systems In August, it submitted a proposal to the SEC with TradeXYZ regarding perpetual contracts before the IPO Hyperliquid test network simultaneously incorporates license based HIP-3 and account control tools Now, Trump has publicly expressed his desire for Hyperliquid to enter the United States legally This is no longer just a temporary shout, it is gradually forming a possible structure Hyperliquid provides on chain trading and clearing facilities, with regulated deployment parties responsible for launching markets and supervising transactions, securities firms responsible for KYC and customer entry, and market makers responsible for connecting licensed markets with global liquidity We will wait and see whether the exchange that finally enters the United States requires KYC or a financial infrastructure that allows American securities firms to open markets on it People consider Hyperliquid to be a cryptocurrency application, just as they once thought Amazon was a bookstore HYPE Hyperliquid HIP3 DeFi