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Right now, I see a lot of people saying that hype has been sued, and the token price is down 10%!
When you check in detail, it turns out that the CME and Intercontinental Exchange have formally expressed concerns to the CFTC (Commodity Futures Trading Commission) and members of Congress, pushing regulators to strengthen their review/restrictions on Hyperliquid!
The reason is that hype, as an on-chain exchange with spot-like activity, has huge trading volume and runs 24/7, and it has expanded into derivatives such as crude oil and commodities. They’re worried that anonymous trading could lead to market manipulation, evasion of sanctions, and distortion of price discovery in traditional markets!
There is no formal case opened or investigation launched yet—this is just the lobbying stage. After all, once you touch someone else’s cake, the small players in Web3 have already started to threaten the big traditional institutions! The traditional bigwigs want to crush the innovators before they even grow!
But I think this is a bit far-fetched, because how could contract prices affect market prices? Contracts are anchored to spot prices—this claim doesn’t hold up. And compared with the traditional big institutions, this trading volume probably isn’t that big either!