TRON founder Justin Sun said many centralized crypto exchanges could move toward decentralized models if Hyperliquid received an exemption resembling what he characterized as Uniswap's regulatory treatment.
Sun described Hyperliquid as one of the most notable developments of the current crypto cycle. He said its perpetual contracts tied to U.S. stocks had opened opportunities for the industry, but that more projects were entering the market and increasing competition for the platform.
Regulation could add to that pressure, in Sun's view. He said tighter U.S. oversight could put pressure on Hyperliquid. Sun also described its U.S. operations and regulatory work as less mature than Circle's and those of other firms operating onshore in compliance with U.S. rules.
Sun's comparison of the two regulatory paths was conditional. He said an exemption similar to the treatment he associated with Uniswap could influence how many centralized exchanges choose to operate; tighter oversight could instead make Hyperliquid's position more difficult.
