CME Chairman: Hyperliquid Will Struggle to Enter the U.S. Market Without Addressing KYC Requirements On October 20, 2026, CME Group CEO Terry Duffy @CMEGroup said on Bloomberg's Odd Lots podcast @podcasts that Hyperliquid cannot shift all regulatory responsibility to users or deployers by claiming it merely provides the underlying infrastructure. He argued that the lack of know-your-customer checks, combined with high leverage and automatic liquidation mechanisms, could trigger cascading liquidations and disrupt markets. Platforms have a duty to oversee trading and ensure fair and orderly market participation. He stressed that Hyperliquid must comply with U.S. law if it wants to enter the U.S. market, adding that, in his view, the operating model proposed by its founder Jeff Yan raises multiple compliance issues.