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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.
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