Crypto Still Facing Doomsday Scenario Despite A Big Senate Win
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Hyperliquid Becomes Crypto’s Hottest Trade
While Bitcoin struggles, Hyperliquid continues to separate itself from the rest of the market. The token remains one of the few major crypto assets still deeply in the green as enthusiasm around perpetual futures trading and tokenized pre-IPO markets accelerates. The latest catalyst: tokenized SpaceX trading.
Even before a formal IPO roadshow has fully begun, traders are already speculating on SpaceX shares through tokenized markets trading on Hyperliquid via TradeXYZ wrappers. That’s helping fuel a broader narrative around Hyperliquid becoming more than just a crypto-native venue. Increasingly, it’s becoming a speculative bridge between crypto and traditional finance.
But not everyone thinks that’s a good thing. At the Bermuda Digital Asset Forum, Plume General Counsel and former Senior Special Counsel at the SEC, Salman Banaei, warned that many of these wrapped pre-IPO products may not actually provide meaningful legal claims on the underlying securities themselves. Anthropic also recently warned investors not to buy certain shares tied to the company via special purpose vehicles that would be void.
“A lot of these products have a very loose, if any, claim to the underlying securities,” he told the Rollup.
The result is a growing divide inside crypto between firms racing to tokenize everything — and others warning that markets may be moving faster than the legal infrastructure underneath them.
For now, however, Hyperliquid continues to offer pre-IPO speculation for SpaceX. Over the last 24 hours, Hyperliquid recorded about $50 million in volumes for the pre-IPO SPCX market — a far cry from the $2 billion volumes for Bitcoin. HYPE is up 68% since last year.
The CLARITY Act’s Big Win (And New Threat)
The crypto industry celebrated after the CLARITY Act advanced out of the Senate Banking Committee on Thursday by a vote of 15-9. But the hardest part may still lie ahead.
Right now, Polymarket traders give the legislation roughly a 64% chance of passing this year. And as Senator Ruben Gallego made clear during the hearing, unresolved ethics concerns tied to elected officials profiting from crypto could still sink the bill.
“We need real enforceable standards for what is and is not acceptable for someone who holds the public trust and shouldn’t be able to profit off an industry that they enforce or regulate,” Gallego said. “If this is not resolved by the time [it reaches] the floor … I am not afraid to vote no.”
That warning matters because Gallego is one of the Democrats actively working with crypto-friendly lawmakers on the legislation.
That creates an uncomfortable tension for the industry: the administration may be the most crypto-friendly Washington has ever seen — while simultaneously becoming one of the biggest political liabilities to getting legislation passed.
This article has been published in coinage.media via Yahoo News.
Crypto Still Facing Doomsday Scenario Despite A Big Senate Win
Strategy and the big CLARITY crypto bill are both flipping from catalysts to headwinds
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