Author: Thejaswini M A

Translation and Organization: BitpushNews

Bitpush Note:

On May 22, 2026, the China Securities Regulatory Commission dropped a bombshell: it plans to impose severe penalties for the illegal cross-border business activities of institutions such as Tiger Brokers, Futu Securities, and ChangQiao Securities. Not only will they face substantial fines, but all illegal gains of related parties both domestically and abroad will be confiscated by law, and within a two-year concentrated rectification period, related domestic businesses will be comprehensively banned, allowing existing mainland clients to only sell in one direction. Upon this news, related US stock brokers plunged more than 40% in pre-market trading.

When compliant cross-border channels are blocked one by one, where will those still eager to allocate global assets, wanting to participate in pre-IPO pricing of SpaceX, and wishing to trade any asset at any time and place, turn to?

The answer seems to be emerging: towards RWA, towards Hyperliquid.

This is not a prophecy. This is happening.

On the same day the penalty news broke, HYPE hit a new high.

Is it a coincidence? Perhaps. But capital never believes in coincidences. It only believes in outlets.

Here is the main text:

The CME Group (Chicago Mercantile Exchange) is the world's largest derivatives exchange. It is where professional traders buy and sell crude oil, gold, interest rates, stock indices, and Bitcoin futures. Here, daily transactions amount to trillions of dollars, and it has been in existence since 1898.

The Intercontinental Exchange (ICE) owns the New York Stock Exchange and has several derivatives exchanges globally. It is another industry giant.

They are the most powerful financial market infrastructure companies on Earth. When they point at something and call it "extremely dangerous," regulators find it hard not to pay attention.

Currently, CME and ICE are pressuring the U.S. Commodity Futures Trading Commission (CFTC) and Congress to crack down on Hyperliquid, warning that this "no KYC" platform is a breeding ground for market manipulation and evasion of sanctions.

• There is indeed a zero KYC situation. Although Hyperliquid uses filters on its front end to block addresses sanctioned by the Office of Foreign Assets Control (OFAC), its underlying protocol is entirely permissionless. If someone bypasses the website and interacts directly with the smart contract, there will be no identity checks waiting for them.
• Moreover, there are no position limits on Hyperliquid. At CME, no single trader can hold more than a specific position size in any contract to guard against manipulation and systemic risk. Hyperliquid has no such limitations.
• CME closely monitors manipulative trading behaviors such as spoofing, wash trading, and coordinated attacks. Hyperliquid has no monitoring systems keeping an eye on these.

These are indeed objective facts.

In response to this news, the HYPE token fell 9% on May 15. Subsequently, two market makers removed $100 million in liquidity on May 18 as a reaction.

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