ICE CEO Jeff Sprecher praised Hyperliquid, describing it as bigger than Nasdaq and praising the people behind the platform. Sprecher said he held multiple meetings with the Hyperliquid team over the past month to discuss potential business collaborations. His remarks came shortly after ICE and CME lobbied the CFTC over Hyperliquid’s offshore trading structure and large daily oil perpetual contract volumes. Concerns included potential manipulation of global oil benchmarks and possible sanctions evasion tied to unregulated, 24/7 trading. Sprecher also said his comments were misinterpreted and that ICE was not frightened, but instead engaging with Hyperliquid to understand each other’s systems and operations.
"This Hyperliquid that we're talking about, if you haven't heard of it yet, it's bigger than Nasdaq, okay? Eleven people. The people that have built that exchange are extremely smart. I salute these guys for doing it. I mean, these are some very, very smart people."
"We are actually engaging with these people, understanding what they are doing. They are learning about our world, and we are learning about theirs. In that sense, it's mutual admira"
"The comments arrive just two weeks after ICE and the CME Group reportedly engaged in a coordinated lobbying effort in Washington, as executives from both legacy exchanges met with lawmakers and officials at the Commodity Futures Trading Commission (CFTC) to raise serious concerns about Hyperliquid's offshore trading structure."
"They expressed concerns that Hyperliquid's unregulated, 24/7 oil perpetual contracts, which recently saw daily trading volumes average more than $1 billion, could manipulate global oil benchmarks and enable sanctions evasion."
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