The Hyperliquid Policy Center recommended that routine administrative delivery steps, such as connecting a wallet or completing sanctions and KYC screening, should not be legally interpreted as payment for airdropped tokens.

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.

Ongoing legal fight over which digital assets count as securities under investor-protection law and which are commodities, determining whether the SEC or CFTC oversees them.