Hyperliquid CEO Jeff Yan lays out a US compliance plan that regulates operators, not the chain

Yan argues US oversight should land on licensed firms running markets on Hyperliquid, not on the Layer-1 blockchain underneath them Hyperliquid wants into the US market. It just doesn’t want to be the one holding the license. In an October 15, 2026 appearance on Bloomberg’s Odd Lots podcast, Hyperliquid Labs CEO and co-founder Jeff Yan sketched a regulatory model in which US oversight targets the financial firms that run markets on Hyperliquid’s Layer-1 blockchain. Under his proposal, the blockchain itself would sit outside exchange-level rules. Yan’s core argument leaned on a comparison to the internet. Nobody asks the protocols that move web traffic to register as a bank. The bank running a website on top of those protocols handles the compliance. Hyperliquid, in Yan’s framing, is the plumbing.

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