Regulation· ★★★★· bullish· October 16, 06:15

Hyperliquid proposes US model placing regulatory duties on market operators

—Yan outlined the model on the Odd Lots podcast on October 15
—Market operators would handle clients and compliance; protocols provide infrastructure
—Payward (Kraken) plans onchain perpetuals for US clients via HIP-3
—Deploying a HIP-3 market requires staking 500,000 HYPE

Why it matters: If adopted, the model could give Hyperliquid a legal route into the US market and set a precedent for regulating DeFi venues.