At TOKEN2049, Jake Chervinsky, CEO of the Hyperliquid Policy Center, clarified that Hyperliquid is a neutral infrastructure protocol operating beneath exchanges like Coinbase and Kraken, not a competing exchange itself. This distinction allows regulated entities to build compliant trading products on Hyperliquid's technology while handling customer onboarding and compliance themselves. The approach aims to avoid exchange registration requirements for the protocol, positioning it like Bitcoin or Ethereum. Kraken's parent company is already testing this model by offering permissioned perpetual futures on Hyperliquid, combining public blockchain markets with compliance layers. The key development to watch is whether more exchanges adopt this infrastructure and how US regulators respond.
Jake Chervinsky's clarification on Hyperliquid as infrastructure, not an exchange, is presented here with a snapshot of the broader cryptocurrency market. For readers following digital assets, as of Oct 08, 2026 09:22 WIB, out of 50 major cryptocurrencies on Pluang, 20 rose and 29 fell. Notable price changes include AXS at Rp21.944 (+3.60%), XTZ at Rp5.525 (-3.00%), and UNI at Rp141.584 (-2.98%).
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