Debate over Hyperliquid’s lack of KYC procedures has focused on which U.S. authority would have jurisdiction. Peter argued that the CFTC’s primary role in commodities markets is market manipulation oversight, supervision, and data collection, rather than enforcing KYC requirements. He said anti-money laundering and related financial institution compliance duties fall under the Treasury, not the CFTC. The remarks frame Hyperliquid’s compliance questions as a matter of agency scope rather than core commodities-market regulation.