Hyperliquid Founder Jeff Yan Says US Regulation Should Target Market Operators, Not the Underlying Blockchain Hyperliquid founder Jeff Yan told Bloomberg's Odd Lots podcast that US regulators should treat Hyperliquid's Layer 1 blockchain as financial infrastructure rather than a traditional exchange, with regulatory obligations falling on firms that deploy and operate markets on the network. Yan argued that oversight should apply to entities exercising control over those markets, allowing the protocol to function as a shared liquidity and trading infrastructure layer. Bloomberg noted that Kraken parent Payward plans to offer derivatives to US investors using Hyperliquid technology through a regulated exchange. Yan said Hyperliquid aims to provide infrastructure for Wall Street institutions rather than replace them. Hyperliquid remains unavailable to US users.