Regulatory Limbo Persists

The most likely outcome is that Singapore's Monetary Authority maintains its position that Hyperliquid falls outside its direct remit, leaving the protocol in a jurisdictional gray zone. Hyperliquid continues operating from a Singapore-linked base while emphasizing decentralization, offshore entities, and restricted access for certain users.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.