📢** Sponsor | **💡
**Good Morning. **
Welcome to our 102nd edition of the regulatory roundup. If you know anybody who would benefit from this content, please help us spread the word!
In Today’s Edition:
**Headline:HYPE Surges on Trump’s CommentsGlobal Legal Roundup****Case Study:**Crypto Groups Sue Illinois Over Tax
You read and share. We listen and improve. Send us feedback at marco@launchy.app.
HEADLINE
**State of play: **Trump said the CFTC is working to bring Hyperliquid into the US in a fully compliant fashion, sending HYPE up 17% as he also pushed Congress to pass the stalled Clarity Act.
Trump said CFTC Chair Michael Selig is working to bring Hyperliquid into the US “in a fully compliant and legal fashion.”
HYPE surged 17% in 24 hours, while Hyperliquid ETFs and Nasdaq-listed Hyperliquid Strategies (PURR) jumped 20-30%.
CME and ICE want onchain perp platforms like Hyperliquid registered with the CFTC over price manipulation concerns.
Trump urged Congress to pass the Clarity Act, a comprehensive crypto bill that has stalled with limited time left this year.
Coinbase, Ripple, Robinhood, and Kraken CEOs attended the White House press conference alongside SEC Chair Paul Atkins.
**What’s Next: **Watch for the CFTC to outline a formal registration pathway for Hyperliquid, while the Clarity Act faces a tight window to clear Congress before year end.
**Why it Matters: **Presidential endorsement of a specific onchain platform signals the administration is picking regulatory winners rather than just setting neutral rules.
Our Take: Trump naming Hyperliquid directly, ahead of any actual CFTC rulemaking, blurs the line between policy and promotion, and traders are pricing that endorsement as if it were already law.
GLOBAL LEGAL ROUNDUP
🇺🇸
Trumpappears‘bullish’ on Clarity Act.🇺🇸
Fairshakefaces$2M setback in Florida primaries.🇺🇸
Crypto advocatesjoinin suing Illinois over digital asset tax.🇺🇸
NovigsuesWisconsin AG in latest spat over sports contracts.🇺🇸
SECproposesfirst major crypto rule in surprise announcement.🇺🇸
OCCracesto finalize GENIUS Act stablecoin rules by November.🇺🇸
US Treasuryseekspublic comment on GENIUS Act stablecoin rules.🇺🇸
HYPEsurgesafter Trump says CFTC is working to bring Hyperliquid to US.
🇷🇺
Binancehandeduser data to Russia that led to a Ukrainian donor’s arrest.🇦🇹
Austria’s FMAfinescrypto broker Bitpanda in first published MiCA penalty.
🇰🇷
S. Koreanseekexpanded FIU powers over unregistered crypto firms.
CASE STUDY
State of play: Two more crypto trade groups sued Illinois over its new 0.2% crypto transaction tax, joining an earlier legal challenge from the Digital Chamber.
The Crypto Council for Innovation and Blockchain Association filed suit, claiming the tax violates federal and state constitutions.
The tax applies to firms based in Illinois or serving residents with total receipts over $100,000.
Critics note the tax applies even when taxpayers lose money, since it’s based on transactions, not profits.
The tax could raise $60M for the state budget, according to estimates cited in the report.
Our Take: Two lawsuits in as many months signal the industry sees Illinois as a test case worth killing early, before other states copy the transaction-based model regardless of profit or loss.
Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our comprehensive database of crypto regulations around the world👇
If you enjoy reading this issue, please consider subscribing. It takes 1 minute of your time but it would mean the world to us 🙇
Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.
