NYSE's Owner Calls Hyperliquid Bigger Than NASDAQ

Added: 2026-06-02

[00:00:00]ICE CEO says Hyperliquid is bigger than Nasdaq, and Paxos wins SEC approval to clear US stocks on blockchain.

[00:00:10]>> [music] >> Jeffrey Sprecher, the CEO of Intercontinental Exchange, called Hyperliquid bigger than Nasdaq at a conference this week.

[00:00:20]The comparison is about volume, not market cap. On daily perp futures, Hyperliquid controls over 70% of the decentralized market.

[00:00:29]Sprecher says he expects regulatory in the coming months, either through a new category for perpetual futures or pulling offshore venues under Dodd-Frank.

[00:00:39]Paxos has received full SEC registration to operate as a central securities depository for US equities, making it the first blockchain firm authorized to clear and settle traditional stocks.

[00:00:52]With blockchain as the clearing rail, Paxos can settle eligible securities same day or near instantly, freeing up locked capital for institutions.

[00:01:02]Bank of America, Credit Suisse, and Societe Generale are already in its live settlement pilot. The firm also runs white label infrastructure for PayPal and MasterCard.

[00:01:13]And finally, Kalshi has filed a federal lawsuit against Minnesota, challenging a new state law that would criminalize operating or promoting prediction markets.

[00:01:23]The filing argues that the law violates the Federal Commodity Exchange Act's exclusive jurisdiction over swaps.

[00:01:30]Kalshi also challenged the marketing ban as a First Amendment violation.

[00:01:35]President Trump weighed in this week, backing the CFTC's position that the agency must maintain sole authority over prediction markets.

[00:01:43]Get more updates on coindesk.com.