Operator-Focused Rulemaking

The CFTC uses its newly proposed federal crypto framework to emphasize registration, disclosures, surveillance, and compliance obligations for front ends, validators with control, matching engines, and market operators rather than base-layer blockchains. This aligns with Hyperliquid's argument and gives regulators a practical path after the Senate's rejection of the CLARITY Act.

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