The established exchange can no longer sit still. Hyperliquid's model is indeed worth studying, but whether the path of regulatory arbitrage can succeed still depends on the SEC's stance.

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 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)