Hyperliquid founder Jeff Yan believes U.S. regulators should focus on overseeing financial companies that use his blockchain rather than regulating the underlying network itself.

In an interview with Bloomberg on Thursday, Yan said firms operating trading markets on Hyperliquid should be responsible for complying with regulatory requirements, similar to how financial businesses use internet infrastructure without requiring the infrastructure itself to be regulated as a financial institution.

“Regulation belongs at the layer where controls exist, and the entities deploying the technology are the ones exercising those controls,” Yan said.

Hyperliquid is best known for its decentralized perpetual futures trading platform, which remains unavailable to U.S. customers.

However, Payward, the parent company of cryptocurrency exchange Kraken, plans to offer U.S. investors access to derivatives powered by Hyperliquid’s technology through a regulated exchange. The move could bring a Commodity Futures Trading Commission (CFTC)-regulated operator into the Hyperliquid ecosystem, even while its own perpetual futures market remains inaccessible to American users.

Under Yan’s proposed approach, traditional financial institutions could establish trading operations on Hyperliquid while remaining responsible for meeting applicable regulatory requirements. The blockchain itself would not need to function as a regulated exchange.

“We’re not trying to replace anything,” Yan said. “I believe this technology can benefit everyone currently operating markets through more traditional systems.”

Yan’s remarks follow comments made by President Donald Trump in August, when he said the CFTC was working to bring Hyperliquid into the United States under federal regulatory oversight.