Cuddle time with my @Kinetiq_xyz plushie 🥹

Although the Clarity Act did not pass, there was broad agreement that crypto market structure should be regulated at the federal level. @ChairmanSelig delivered with Reg CTX and Reg CAM, a proposed opt-in framework for certain exchanges. A big step here: cftc.gov/PressRoom/PressRele…

The @CFTC just took an important step toward adopting a federal rulebook for crypto market structure: the Commission proposed rules for exchanges that let Americans trade crypto with leverage, including a new type of CFTC registration that is fit for purpose. An exchange’s regulatory path would follow its product set: (1) state licensing for spot trading, backstopped by the CFTC's anti-fraud and anti-manipulation authority; (2) CFTC registration for leverage under rules written for crypto; and (3) the existing DCM framework for perps and other derivatives. Builders shipping code onchain, and the Americans using it, would know where they stand under federal law. Separately, the CFTC is working directly with builders to develop lawful pathways for onchain markets in the United States, and is drafting a policy so that developers who publish software but do not take orders, control execution, or hold customer assets would not have to register as brokers. Thank you to @ChairmanSelig and the CFTC staff for the effort behind today's proposal and for putting onchain markets on the agenda.

Just PiPin around at the Hyperliquid event 💦

showcasing my hypurr babies featuring korean, japanese & french hypurr more to come

Hyperliquid

The US is opening up, Europe next? The US is moving. American regulators are openly trying to bring Hyperliquid onshore. Mike Selig: "Our goal is always going to be to onshore those markets and to have the markets subject to our regulation here in the United States and accessible to our U.S. persons here in the U.S." Things are moving on the private side too. Bloomberg reported that Hyperliquid is in advanced talks with Payward, the parent company of Kraken, about giving US traders regulated access to Hyperliquid through permissioned HIP-3 markets. That access would go through Bitnomial, an exchange the CFTC already regulates. Neither company has confirmed a deal yet, but the direction is clear: a legal path for Hyperliquid in the US is taking shape. Europe may be the next market. The EU is a large pools of capital in the world, and it was the first major jurisdiction with a dedicated crypto rulebook: MiCA. But MiCA was built for crypto companies like exchanges, custodians and stablecoin issuers. It doesn't clearly answer a newer question: "What happens when a regulated financial firm wants to use a public blockchain to deliver a regulated product?" That's the real problem. A broker, a bank or a trading firm that wants to build on Hyperliquid and offer its perps and liquidity to clients or institutions doesn't have clear answers to basic questions: which rulebook applies, which regulator is in charge, and whether using a public blockchain changes how the product is treated. The path just isn't clear, yet. That's why this letter is a big deal. @HyperliquidPC is asking the EU to make that path clear using rules it already has. Perps would be treated as normal derivatives under MiFID II. A firm using a public blockchain would be judged under the rules for its product and its business, the same as any other firm. And the public onchain record would count toward transparency requirements. Read HPC full article & response below. hyperliquidresearch.xyz/rese…

CME filed its opposition to @CFTC's motion to dismiss on Friday. My thanks for the extensive citation of @HyperliquidPC's amicus brief and my tweets (hello!) despite failing to address our points on fixed vs. expanding markets and the zone of interests. CFTC's reply due 10/16.

Elios is launching on the App Store in the coming weeks. Whether you’re grabbing your morning coffee or heading off on your next trip, take Elios with you. The next chapter is almost here, and we are excited to welcome more of you aboard.

DoubleZero is also the fastest Level 2 data feed of @PhoenixTrade, suitable for anyone trading or market making on the DEX We're here to level up traders and their agents, wherever they want to trade 🔥

Paxos Crypto Brokerage now supports $HYPE. HYPE is the native token of @HyperliquidX, the world's leading perp DEX, and carries a market cap above $20B. Available for partners on the regulated infrastructure that leading brokerages and fintechs already use for crypto trading.

🔥 NEXT WEEK: STS DIGITAL TAKES SINGAPORE @token2049 Singapore is almost here. Clear Street. Cross-Asset Portfolio Margin. USDM1. QIS. Smart Bitcoin. Five major developments. Serious institutional momentum. Meet STS Digital at @token2049 Singapore | October 7–8. 🥂 Classy Options? Naturally. It’s good to have Options. Meet STS Digital in Singapore → stsdigital.io/contact

.@HyperliquidX has become the largest on-chain derivatives venue, handling more than half of all decentralised perpetuals volume and, as of mid-2026, close to 8% of total perpetual-futures open interest across every venue, centralised or on-chain. The market is there. For institutions, the challenge has been how to securely access it. Accessing Hyperliquid has meant relying on interfaces outside an institutional security environment, limiting the ability to scale trading with confidence. Now, building on our recent blockchain integration and custody support, Copper now supports direct, institutional access to Hyperliquid. Trading through our dedicated APIs or in-platform UI gives institutions a secure access point to on-chain liquidity. No third-party tools. No interfaces outside your security environment. Assets are held in Copper Vaults, and our Policy Engine applies the operational controls institutions expect: multi-authorisation workflows, granular permissions, full audit trails. The integration supports institutional trading strategies with the same governance framework that applies across trading on centralized exchanges through ClearLoop. This new capability further unifies collateral and enables clients to trade and manage risk across always-on markets. From one platform, clients can manage their trading across ClearLoop-connected venues, 30+ exchanges, and now the largest on-chain derivatives venue, moving it to where it's needed rather than fragmenting it across separate environments. Less operational overhead. More capital working where it counts. On-chain derivatives, accessed the way institutions expect. Available exclusively to institutional and professional clients of Copper, subject to applicable onboarding and eligibility requirements. Not available to persons subject to the laws of jurisdictions where such services may not be lawfully provided, including the United States and other restricted jurisdictions. Read Full Announcement: copper.co/en-ch/insights/eme…

Meet the Size team at @token2049 🇸🇬 @ellie_nfts will be on the ground in Singapore throughout the full event. If you're around and want to connect, DM us. Always happy to meet traders, builders, and the community in person. See you in Singapore.

“Kinetiq is just a liquid staking protocol” is now as true as “Hyperliquid is just a perp DEX”

This is (literally) who you’re trading against

From the private banking desk to the blockchain. Dual Currency Investments have powered yield strategies for decades. Now, the same structure is moving into 24/7 digital markets including tokenized equities. From Gideon Hyams, Chairman and Co-Founder.

My founder is so damn locked in that he didn’t even change his outfit from last year. Just look at Jeff, one year apart: • same haircut • same glasses • same “Hyperliquid” hoodie • same T-shirt • same shorts • even the same shoes that a lot of people loved last year (I’m pretty sure it’s the exact same pair) I finally understand what Jeff meant in one of his interviews: “I’m not really a materialist.” And just in case you forgot, you’re looking at the creator of the most profitable startup per employee in the world. Hyperliquid