What to know:
- Jeffrey Sprecher, the CEO of Intercontinental Exchange (ICE), stated at a Bernstein conference that the decentralized crypto derivatives platform Hyperliquid is “bigger than Nasdaq” in trading activity and praised its small core team as “very, very smart people.”
- Hyperliquid, whose HYPE token has a market value far below Nasdaq’s, dominates more than 70 percent of the decentralized perpetual futures market and has attracted non-crypto traders by offering 24/7 oil derivatives trading, including on weekends when ICE’s markets are closed.
- Sprecher argued that Hyperliquid’s unregulated offshore status highlights a regulatory gap under U.S. and European derivatives rules and stated he anticipates policymakers soon to choose between creating a new category for perpetual futures or bringing such venues under existing Dodd-Frank and EMIR regimes.
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