Intercontinental Exchange (ICE) shares declined 1.5% and Nasdaq shares fell 1.4% on Monday after Bloomberg reported that decentralized crypto‑trading platform Hyperliquid Labs is in advanced discussions with Payward, the parent of Kraken, about entering the U.S. market. The report noted that Hyperliquid, a Singapore‑based platform handling more than $4 billion in daily trading volume, seeks to offer a subset of its crypto‑linked perpetual futures to U.S. traders through Payward’s regulated subsidiary Bitnomial, a U.S.‑registered digital asset exchange and clearinghouse. The proposed structure would allow registered Bitnomial users to trade these futures on the Bitnomial platform, addressing the current regulatory barrier that has kept Hyperliquid out of the United States because it lacks a central operator for its high‑volume decentralized network. Payward has reportedly submitted a proposal to the Commodity Futures Trading Commission outlining the basic structure, but monetary terms of the arrangement were not disclosed. The deal remains subject to CFTC approval. The article also referenced a comment by former President Donald Trump indicating that his administration was working to facilitate the platform’s U.S. entry. This news triggered the share price declines for ICE and Nasdaq as the market priced in the potential impact of a new crypto‑futures offering on U.S. exchanges.