The bid by Hyperliquid for a United States foothold now has a named counterparty and an active regulatory process. According to Bloomberg, Payward, the parent company of crypto exchange Kraken, has presented the Commodity Futures Trading Commission with an outline of a proposed structure connecting Hyperliquid to a crypto perpetuals offering in the US. Regulatory approval has not yet been granted.
The case for this arrangement is that it gives Hyperliquid a path into the United States through a company that already operates within the American regulatory environment. Payward, as Kraken's parent, brings that existing relationship to the table. The risk is that the deal remains an outline. Presenting a structure to the CFTC and receiving approval from it are different things.
The counterargument worth naming is that a submission is not an approval. Regulators can reject proposals outright or request material changes that reshape the arrangement entirely. The structure Payward presented is described as an outline, and the distance between an outline and a regulatory green light can be considerable.
On balance, the move signals that Hyperliquid sees the United States as a market worth a formal regulatory approach, and that it has chosen Payward as the vehicle for that approach. The line to watch is the CFTC's formal response to Payward's submission.