Orderly CFTC Approval

The most likely path is a normal CFTC review that treats Hyperliquid Strategies as part of the broader move to put crypto perpetual futures inside regulated U.S. futures infrastructure. Approval would probably come with strict customer-account, margin, disclosure, and surveillance requirements rather than a blank-check authorization.

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