CME and ICE Urge U.S. Regulators to Assess Hyperliquid for Potential Manipulation Risks

CME Group and the Intercontinental Exchange (ICE), two leading operators in the financial sector, have reportedly called on the U.S. Commodity Futures Trading Commission (CFTC) and Congressional officials to review the activities of Hyperliquid. According to reports, CME and ICE expressed concerns that Hyperliquid's decentralized perpetual futures trading model may create opportunities for market manipulation and enable sanctions evasion.

The move highlights ongoing regulatory attention toward decentralized finance (DeFi) platforms, particularly those that operate perpetual futures markets outside traditional oversight channels. Hyperliquid has been identified by the exchange operators as potentially lacking transparency and controls that are typically enforced on regulated derivatives venues.

While CME Group and ICE did not provide public details on specific incidents, their appeal to regulators underscores broader industry worries about maintaining integrity, compliance, and consumer protection in rapidly evolving DeFi environments. U.S. regulators have previously indicated plans to address emerging risks in digital asset markets, but no formal action regarding Hyperliquid has been announced at the time of reporting.