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the CFTC chair just admitted that existing derivatives definitions don’t fit hyperliquid and staff are drafting new ones. circle is piping 90% of USDC yield through the protocol and coinbase is the official treasury deployer for roughly $6b of on‑chain USDC. the two most compliance‑sensitive firms in the industry don’t bolt core infra onto venues they expect to get nuked; they have regulatory visibility you don’t. a framework is coming—and it doesn’t read like an obituary. // zero illusion

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