CME and ICE Are Lobbying Washington to Rein In Hyperliquid — and the Stakes Are Control of 24/7 Markets!

CME Group and ICE's NYSE are both racing to build always-open markets — CME's crypto futures go 24/7 on May 29 off a $3 trillion notional base running 46% ahead of last year's pace, while NYSE is developing a tokenized securities platform with instant settlement and stablecoin funding. But Bloomberg reported on May 15 that the same two incumbents are pressing US officials to crack down on Hyperliquid, the offshore venue that built the model first.

CME and ICE reportedly alleged that Hyperliquid's anonymous trading environment could distort global oil prices, enable market manipulation, and let state actors evade sanctions — pointing to a WTI crude perp that hit $1.2 billion in 24-hour volume during a traditional-market oil spike. Hyperliquid currently runs $176.4 billion in 30-day perp volume, holds 58.5% of all on-chain perp DEX open interest, and settles every trade with one-block…