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Welcome to our 102nd edition of the regulatory roundup. If you know anybody who would benefit from this content, please help us spread the word!
In Today’s Edition:
Headline: HYPE Surges on Trump’s Comments
Global Legal Roundup
Case Study: Crypto Groups Sue Illinois Over Tax
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HEADLINE
State of play: Trump said the CFTC is working to bring Hyperliquid into the US in a fully compliant fashion, sending HYPE up 17% as he also pushed Congress to pass the stalled Clarity Act.
Trump said CFTC Chair Michael Selig is working to bring Hyperliquid into the US “in a fully compliant and legal fashion.”
HYPE surged 17% in 24 hours, while Hyperliquid ETFs and Nasdaq-listed Hyperliquid Strategies (PURR) jumped 20-30%.
CME and ICE want onchain perp platforms like Hyperliquid registered with the CFTC over price manipulation concerns.
Trump urged Congress to pass the Clarity Act, a comprehensive crypto bill that has stalled with limited time left this year.
Coinbase, Ripple, Robinhood, and Kraken CEOs attended the White House press conference alongside SEC Chair Paul Atkins.
What’s Next: Watch for the CFTC to outline a formal registration pathway for Hyperliquid, while the Clarity Act faces a tight window to clear Congress before year end.
Why it Matters: Presidential endorsement of a specific onchain platform signals the administration is picking regulatory winners rather than just setting neutral rules.
Our Take: Trump naming Hyperliquid directly, ahead of any actual CFTC rulemaking, blurs the line between policy and promotion, and traders are pricing that endorsement as if it were already law.
GLOBAL LEGAL ROUNDUP
🇺🇸 Trump appears ‘bullish’ on Clarity Act.
🇺🇸 Fairshake faces $2M setback in Florida primaries.
🇺🇸 Crypto advocates join in suing Illinois over digital asset tax.
🇺🇸 Novig sues Wisconsin AG in latest spat over sports contracts.
🇺🇸 SEC proposes first major crypto rule in surprise announcement.
🇺🇸 OCC races to finalize GENIUS Act stablecoin rules by November.
🇺🇸 US Treasury seeks public comment on GENIUS Act stablecoin rules.
🇺🇸 HYPE surges after Trump says CFTC is working to bring Hyperliquid to US.
🇷🇺 Binance handed user data to Russia that led to a Ukrainian donor’s arrest.
🇦🇹 Austria’s FMA fines crypto broker Bitpanda in first published MiCA penalty.
🇰🇷 S. Korean seek expanded FIU powers over unregistered crypto firms.
CASE STUDY
State of play: Two more crypto trade groups sued Illinois over its new 0.2% crypto transaction tax, joining an earlier legal challenge from the Digital Chamber.
The Crypto Council for Innovation and Blockchain Association filed suit, claiming the tax violates federal and state constitutions.
The tax applies to firms based in Illinois or serving residents with total receipts over $100,000.
Critics note the tax applies even when taxpayers lose money, since it’s based on transactions, not profits.
The tax could raise $60M for the state budget, according to estimates cited in the report.
Our Take: Two lawsuits in as many months signal the industry sees Illinois as a test case worth killing early, before other states copy the transaction-based model regardless of profit or loss.
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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.
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