CME Group CEO Terry Duffy has challenged a regulatory proposal that would target Hyperliquid's market operators rather than the underlying blockchain technology. The debate centers on how to regulate decentralized perpetual futures exchanges, with Duffy arguing that traditional institutions must take responsibility for policing markets. Hyperliquid founder Jeff Yan supports the proposed split between operator and protocol regulation. Despite ongoing regulatory discussions, US-based users remain barred from accessing Hyperliquid's trading interface.