Let's say that regulation is imposed on hype The consensus so far is that it's bearish bc SOME of retail would flee. Only the left tail risk has been largely discussed, but not the right tail. Revenues could even 5-10x. Right now, institutions can't touch Hyperliquid in the US. No KYC means no hedge funds and asset managers. There's compliance around using unregulated offshore derivatives. If we get a compliant path in the US which is likely. Then sure, you might lose some small retail traders, but you're going to end up with billions more from institutions, hedge funds, prop desks, asset managers on chain. Hedging exposure, putting on delta neutral trades, 24/7 trading etc. Lower fees than CME. I think the bull case, is bigger than the bear case with regulation. Jeff is already working on this, there is no doubt about that.(🐧)