Trump backs anonymous crypto exchange Hyperliquid, sparking pushback from U.S. market firms

During the opening of the Commodity Futures Trading Commission’s Innovation Advisory Committee at the White House, President Donald Trump expressed enthusiasm for Hyperliquid, a Singapore-based cryptocurrency exchange that permits anonymous trades. The endorsement was met with concern from traditional market operators; Intercontinental Exchange Inc. and CME Group Inc. have recently urged regulators to curb the platform, citing potential for market manipulation and sanction evasion.

The event also featured major crypto firms—Coinbase, Kraken and Gemini—and trade associations such as the Digital Chamber and Nasdaq. Blockchain Association CEO Summer Mersinger, present at the meeting, highlighted the momentum in digital-asset legislation while warning that the short window between cloture filing and vote could breed complacency. Critics argue the president’s stance may complicate regulatory efforts aimed at anonymous trading venues. The episode underscores the ongoing clash between legacy finance institutions and the emerging crypto sector over how to govern digital markets.