US Clarity Act drives crypto regulation as Wall Street backs Hyperliquid ETFs

The U.S. Congress is moving forward with the Clarity Act, the most ambitious draft to date aimed at creating a clear regulatory framework for digital assets. The bill proposes shifting oversight of a large portion of the crypto market from the SEC to the CFTC, a change long‑sought by the industry. While proponents argue it will bring certainty and allow crypto firms to grow, banks and consumer‑advocacy groups warn it could deepen ties between crypto and the traditional banking system and increase systemic risk, especially around stablecoins.

Meanwhile, Wall Street is channeling capital into a new crypto narrative. Spot ETFs that track the Hyperliquid token (HYPE) have attracted roughly $150 million in assets within days of launch. Products from Bitwise, 21shares and Grayscale—tickered BHYP, THYP and a Grayscale Hyperliquid Staking ETF—are drawing investor interest as Bitcoin prices fall. Hyperliquid operates a decentralized perpetual futures platform that uses a portion of its fees to buy back its token, creating a direct link between platform activity and token value. Despite the enthusiasm, analysts caution that the market remains nascent, volatile and subject to regulatory uncertainty, with U.S. investors unlikely to access the platform until clear rules are established.