Crypto Scenario Insights
What happened
The Hyperliquid Policy Center (HPC) has formally requested that the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) establish a harmonized regulatory framework for perpet…
If it goes well
If the SEC and CFTC succeed in creating a harmonized framework, the most immediate result would be the formal entry of major on-chain derivatives platforms into the U.S. market.
If it goes badly
If the push for harmonization fails, the U.S. will likely remain a bifurcated and hostile environment for on-chain derivatives.
What we think
Our reading is that this is a pivotal moment for the structure of U.S. financial markets, regardless of the immediate regulatory outcome.
Read the analysis
The Regulatory Tug-of-War Over Perpetual Contracts
We explain what happened and what could follow. We do not forecast prices.