CME, ICE Push US to Curb Crypto’s Oil Trading Upstart (1)

Intercontinental Exchange Inc. and CME Group Inc. are pressing the US to rein in Hyperliquid, a fast-growing and unregulated crypto platform the exchanges say could skew global oil prices and be exploited for price manipulation.

The world’s biggest energy exchanges have told the Commodity Futures Trading Commission and Capitol Hill officials that Singapore-based Hyperliquid’s anonymous trading environment creates risks: it could be used by insiders to move prices or by state actors seeking to circumvent sanctions, according to people familiar with the discussions.

Hyperliquid’s average trading volumes on oil-linked contracts surged past $700 million a day in April as the ...