# Hyperliquid CEO Explains US Access for HYPE

> Hyperliquid CEO Jeff Yan details legal US trading conditions for HYPE, but timeline remains unclear.
- Title: Hyperliquid CEO Explains US Access for HYPE · 24/7 Wall St.
- Summary: Hyperliquid CEO Jeff Yan details legal US trading conditions for HYPE, but timeline remains unclear. Hyperliquid's CEO says US users could legally trade on…
- Keywords: hyperliquid, hype, usdc, cftc, perpetual futures, crypto, regulation, trading fees, CEO, Explains, Access, 24/7 Wall St.
- Source: 24/7 Wall St. — https://247wallst.com/investing/cryptocurrency/2026/10/19/hyperliquids-ceo-explained-how-americans-could-legally-use-it-what-would-us-access-mean-for-hype
- Author: Sam Daodu
- Published: 2026-10-19T12:30:48+00:00
- Read time: 2 min
- Topics: hyperliquid, hype, usdc, cftc, perpetual futures, crypto, regulation, trading fees
## Hyperliquid CEO Clarifies US Access
Jeff Yan, Hyperliquid's co-founder and CEO, explained Americans using a VPN to access the exchange violate its terms of service.
## Legal Access Requires CFTC Approval
Yan stated legal access for US users won't be possible until regulators clearly understand on-chain technology and determine it aligns with CFTC principles.
## USD Coin as Example
Yan highlighted USD Coin (USDC) as an example where user balances match the USDC held at a specific address, showing customer funds without intermediaries.
## HYPE Trading Decline
HYPE is trading around $80, down 8.3% over the past week and 14.2% over the past month, 18.4% below its peak of $98.
## Hyperliquid's Perpetual Futures Exchange
Hyperliquid runs a perpetual futures exchange outside the US, where traders pay small periodic funding fees to keep contracts aligned with spot prices.
## HIP-3 Feature for Developers
Hyperliquid offers HIP-3, enabling external developers to launch perp markets by staking 500,000 HYPE (approximately $40 million) for at least 183 days.
## US Users Classified as Restricted
Hyperliquid designates US users as 'Restricted Persons' and blocks them from accessing the exchange due to lack of US licensing.
## Fees Channel Into HYPE Buybacks
Hyperliquid allocates 99% of trading fees to daily open-market purchases of HYPE through the Assistance Fund, which acquired 44.4 million HYPE valued at $2.2 billion.
## USDC Collateral Earning Interest
Hyperliquid holds $5 billion in USDC as collateral, earning 3.5% to 4% interest, with 90% of this income going back into the Assistance Fund.
## Yan's Comments Fall Short
Yan's comments do not commit Hyperliquid or the CFTC to specific regulatory meetings, timelines, or US-friendly versions of the platform.
## Current US Trading Options
Americans already have a compliant option through Coinbase Financial Markets, which offers futures accounts protected under CFTC regulations.
## HYPE Holders Face Uncertainty
HYPE holders may face prolonged uncertainty as prices continue declining without clear regulatory progress from the CFTC.
## Key takeaway

Hyperliquid's CEO says US users could legally trade on the platform once regulators understand on-chain tech, but HYPE holders face uncertainty as prices drop.