🐋 WHALE WATCH : Hyperliquid and Phantom filed a joint comment to the CFTC arguing that on chain developers should be exempt from registration requirements and that regulated exchanges should be able to run directly on blockchain infrastructure. The core argument: rules built for intermediaries dont map onto autonomous code. Applying them does nothing for consumer protection and blocks legitimate infrastructure from scaling. This is the regulatory framing DeFi has needed. Watch how the CFTC responds.(Whale Factor)