Hyperliquid founder Jeff Yan urges US rules to target market operators, not the chain
In brief
- Jeff Yan, Hyperliquid's founder, wants US rules focused on market operators, not the blockchain, per Crypto Briefing.
- Compliance obligations would shift onto identifiable operators under the proposal, easing legal US access to Hyperliquid.
- Crypto Briefing gave no venue, date or direct quote for Yan's position.
- HYPE sat between $76 and $78 per Crypto Briefing, down 20% from a $98.04 September high.
What Yan is proposing
The core idea is simple. Rules would attach to whoever operates a market, not to the chain the market runs on.
Crypto Briefing reported that Yan's proposal aims to shift compliance obligations to identifiable operators, and it framed that as a path toward legal access to Hyperliquid in the United States. That's a different emphasis from treating the blockchain itself as the regulated object (and it's the distinction Yan's argument hinges on).
It's worth being clear about what the report doesn't say. It doesn't say where or when Yan made the case, and it doesn't include a direct quote from him. It also doesn't describe any response from a U.S. agency.
This is advocacy, not a policy change.
Why the operator question matters
Hyperliquid is a decentralized perpetual-futures protocol, so the question of who carries compliance obligations sits right at the center of whether U.S. users can legally reach it. According to the report, Yan's position puts that burden on operators that can be identified rather than on the underlying chain.
Is that a model U.S. regulators would accept? The report doesn't say. There's nothing in it to suggest any agency has weighed in on Yan's framing so far.
Where HYPE sits
The HYPE token was priced between $76 and $78 at the time of the report, with Crypto Briefing describing a slight decline. The outlet said HYPE was down 20% from its September all-time high of $98.04.
Those figures come from Crypto Briefing, which didn't name a data provider for them.
Frequently asked questions
What is Jeff Yan proposing for US crypto regulation?
According to Crypto Briefing, Hyperliquid founder Jeff Yan has advocated for U.S. regulatory frameworks that focus on market operators rather than on the blockchain itself. The report said the proposal would move compliance obligations onto identifiable operators.
Why does Yan want regulation focused on market operators?
Crypto Briefing described the proposal as aiming to make legal access to Hyperliquid, a decentralized perpetual-futures protocol, easier in the United States. It would do that by shifting compliance obligations to identifiable operators instead of the underlying chain.
