Orderly Pilot Expansion

The most likely path is that the SEC’s five-year exemption gives broker-dealers, exchanges, and crypto venues enough legal clarity to expand tokenized equity trading without an immediate enforcement backlash. Hyperliquid benefits from the attention around $HYPE and from Payward/Kraken’s planned U.S. perpetuals push, but adoption remains tied to custody, disclosure, and settlement controls.

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