Hyperliquid (CRYPTO: HYPE) and Hyperliquid Strategies Inc (NASDAQ:PURR) are up 22% and 33%, respectively, following President Trump’s comment on Wednesday that the administration will work on bringing the decentralized exchange to the United States.

HYPE Is Just The ‘Tip‘

Speaking at the White House crypto meeting, Trump said CFTC Chairman Mike Selig is working on creating a "fully compliant and legal" pathway for Hyperliquid in the U.S.

The development drew attention from former Binance CEO Changpeng “CZ” Zhao, who sees potential U.S. legalization or formal regulation of Hyperliquid as a win for the broader crypto industry.

At the SALT Conference in Wyoming, Zhao characterized Hyperliquid as the “tip” that could pave the way for a broader wave of decentralized platforms to gain legitimate access to the U.S. market.

A regulatory pathway for a permissionless decentralized platform could establish a precedent for other services while potentially bringing more crypto liquidity and activity back to the U.S.

Will TradFi Liquidity Flood On-Chain?

‘Bitcoin Jack,’ a highly-followed cryptocurrency commentator, pointed out that "Hyperliquid to the U.S. is bigger than people think."

He expects U.S. access to encourage a growth of TradFi capital flowing into 24/7 markets and eventually crypto, boosting on-chain liquidity.

Hyperliquid could also become a gateway for funds seeking broader access to digital assets, according to the commentator.

In an X post on Aug. 20, he pointed to several catalysts that could amplify the impact, including potential passage of the CLARITY Act, continued efforts toward a U.S. strategic bitcoin reserve and Washington’s push to bring geofenced crypto activity back within American borders.

Why Grayscale Says HYPE Is Just Getting Started

Institutional interest in Hyperliquid was building even before Trump’s remarks.

Grayscale launched its Grayscale Hyperliquid Staking ETF (NASDAQ:HYPG) on June 3. In less than 30 days, the investment product had accumulated more than $123.28 million in assets under management, making it the largest HYPE fund ahead of the 21shares Hyperliquid ETF (NASDAQ:THYP).

Following Trump’s White House comments, Grayscale highlighted the progression from launching HYPG to the administration working toward bringing Hyperliquid into the U.S.

“We’re just getting started,” Grayscale posted on X on Thursday.

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