Traditional giants are starting to take it seriously. ICE's move isn't about suppression; they want to enter the market and share the cake. The window of regulatory arbitrage opportunities is shrinking.

ICE CEO Jeffrey Sprecher stated that the company has had multiple discussions with the Hyperliquid team to explore development opportunities in the on-chain perpetual contract market. Regarding the previous reports that ICE and CME discussed Hyperliquid risks with U.S. regulators, Sprecher said that ICE's core demand is to seek a "fair competitive environment" and hopes to clarify whether traditional exchanges can also engage in similar businesses. He stated that ICE is not opposed to on-chain perpetual contracts but is actively learning about the relevant models and exploring participation opportunities within the regulatory framework. (The Block)