This is a discussion that's starting to gain attention overseas (especially in Asia). Hyperliquid fans are dismissing it, but with TradingFi giants starting to speak out against DeFi to the SEC, this risk is becoming a reality. ---------------- $HYPE soared 24%. The reason is clear: Hyperliquid is a global haven for "silver speculation." Buybacks fueled by commission income completely overcame the selling pressure from unlocking. In the short term, as long as the commodity bubble continues, HYPE will continue to be bought as a "high-yield machine." In the long term, this could be "suicidal." If they were to dabble in non-crypto assets like gold or crude oil, they would become a "nemesis" (unlicensed commodity futures exchange) to the CFTC. HYPE is currently doping itself with the "poison" of regulation. This is not a "low-risk asset to hold on to." It is a cyclical trading asset that will play out the chicken race until regulation comes. Amid the excitement, don't forget that it is structurally stuck.