According to CoinMeta, and as reported by Bloomberg, Terry Duffy, the CEO of the Chicago Mercantile Exchange, stated in a podcast on Odd Lots that Hyperliquid cannot shift all regulatory responsibilities to users or deployers merely on the grounds of providing underlying infrastructure. He believes that the lack of customer identity verification, high leverage, and automatic margin calls could trigger a chain reaction of liquidations, impacting the market. Platforms have an obligation to supervise transactions to ensure fair and orderly market participation. He emphasized that if Hyperliquid wishes to enter the U.S. market, it must comply with U.S. laws, and the business model proposed by its founder Jeff Yan has several compliance issues in his view.