According to CoinMeta, and as reported by Bloomberg, Jeff Yan, the founder of hyperliquid, stated in a Odd Lots podcast that the regulatory obligations for hyperliquid in the United States should primarily be borne by the institutions that deploy and operate trading markets on their blockchain, rather than the underlying blockchain protocol itself. He believes that regulation should apply to the entities that actually hold market control, while hyperliquid can serve as the infrastructure that provides order books, clearing, and liquidity. Yan emphasized that hyperliquid does not aim to replace traditional exchanges but rather to provide underlying trading technology for Wall Street institutions. Currently, hyperliquid is not yet open to U.S. users, and the relevant regulatory arrangements are still to be clarified.