The Hyperliquid Policy Center cited the SEC's own economic analysis, arguing that limited secondary-market liquidity could significantly reduce the intended practical benefits of the proposed fundraising exemptions.

Cryptocurrencies, blockchains, and the broader on-chain economy.

How governments worldwide set rules for digital assets through legislation, agency rulemaking, licensing regimes and court fights.

How easily digital assets trade without moving the price, shaped by market makers, exchange depth, and stablecoin supply.