Crypto enters midterm politics and TradFi onshoring

ICE plans to offer Hyperliquid-based perps to US retail through Trade[XYZ], subject to regulatory approval, after earlier asking regulators to rein in Hyperliquid.

ICE reposted its Trade[XYZ] partnership with softened, regulator-contingent wording after deleting the original post, which spooked some HYPE holders. Separately, NYSE is reportedly working to bring Hyperliquid onshore.

ICE announced a plan with Trade[XYZ] to operate U.S. regulated Hyperliquid-based perps, then reportedly deleted and reposted with hedged language. Traders are bullish on HYPE.

CT is leaning into the view that NYSE-parent backing of Trade[XYZ], Druckenmiller's involvement and Hyperliquid's record fees validate perp DEXs and onchain finance over CEXs.

ICE reportedly deleted its tweet about bringing Hyperliquid perps to the U.S., and large holders have begun selling $HYPE.

NYSE parent ICE removed its post about bringing Hyperliquid perps to the US via trade.xyz, sparking worry. Others note ICE's CEO recently presented the deal to investors.

ICE and trade[XYZ] plan to use Hyperliquid as infrastructure for US perpetual futures, subject to regulatory approval, with possible tax implications.

NYSE owner ICE and Kraken are both moving to bring Hyperliquid to the US market, but large wallets are simultaneously cashing out hundreds of millions in $HYPE profits.

Intercontinental Exchange (parent of NYSE) is partnering with TradeXYZ to build perpetual futures on Hyperliquid in the US — a landmark development for US retail access to perps. Hyperliquid's outsourced revenue hit $38M last month.