Trump embraces divisive crypto exchange

President Donald Trump’s on-camera openness to US market access for Hyperliquid, a Singapore-based cryptocurrency exchange that allows its users to trade anonymously, won’t thrill its domestic competitors.

Intercontinental Exchange Inc. and CME Group Inc. recently urged US officials to rein in the exchange, which they warn could be used to manipulate prices or dodge sanctions.

Trump addressed Hyperliquid during a White House kickoff for the CFTC’s Innovation Advisory Committee’s inaugural meeting, which takes place Thursday.

Crypto firms like Coinbase, Kraken, and Gemini, plus trade associations like Digital Chamber, participated alongside tradfi companies like Intercontinental Exchange and Nasdaq.

“It’s good to continue the momentum that we have going” on digital assets legislation, Blockchain Association CEO Summer Mersinger, who also attended, told Semafor. “This five-week stretch between the cloture filing and the vote, it’s easy for everyone to maybe get a little bit too relaxed, and this was a very motivating moment for the industry.”