Executive Branch and Onshoring Initiative
The Trump administration is reportedly pushing to onshore crypto platforms, with Hyperliquid cited as a specific focus. This effort comes amid disclosure that North Korean hackers affiliated with the Lazarus Group have moved tens of millions of dollars on the platform, selling more than $30 million in bitcoin over three weeks according to blockchain analysis reviewed by CoinDesk. The dual narrative—regulatory embrace alongside active illicit activity on targeted platforms—highlights the tension between onshoring ambitions and security oversight.
Former SEC and CFTC officials are publicly urging the agencies to adopt lighter regulatory frameworks for crypto derivatives trading to facilitate the transition of offshore markets onshore. They argue that overly burdensome rules risk keeping a $90 trillion perpetuals market offshore. This push occurs as the Clarity Act remains stalled in Congressional recess, leaving derivative and custody frameworks in regulatory limbo.
