Research: Hyperliquid may enter the US compliance market through a licensed HIP-3 DEX

Comparing news, Blockworks research indicates that Hyperliquid is seeking a compliance path for the US market through regulatory advocacy and technical adjustments. According to the report, Hyperliquid's modular architecture (HyperCore is responsible for transactions and clearing, Deployer is responsible for market creation, and Builder is responsible for user access) naturally corresponds to the division of functions of DCM, DCO, and FCM in traditional finance, but it is implemented on-chain.

Hyperliquid is currently blocked due to a conflict with the US Market Structure Act. According to the report, permissioned HIP-3 deployment (DEX for whitelisted users only) is the key to the compliance path. Registered entities can assume KYC and compliance obligations while bridging liquidity through whitelisted market makers. Trump's recent announcement that the CFTC Chairman intends to include Hyperliquid in the US regulatory framework was seen as a positive sign. The Hyperliquid Policy Center has submitted recommendations to the CFTC and SEC to allow registrars to use HyperCore with compliance responsibilities.