Right after Trump announced plans to bring Hyperliquid into the U.S. market, North Korean hacker groups laundered $30 million through Hyperliquid. A few days ago, I happened to discuss this issue over dinner with Ni Da. Ni Da mentioned that if Trump loses the next election and the Democrats take over, Hyperliquid will face immense pressure in its current state. Jeff will most likely follow in CZ’s footsteps. The Trump administration’s approach is more about regulation than outright bans—using compliance to bring things under control. Take stablecoins, for example. Since they’ve essentially become shadow dollars, the government directly legislated to bring them under its wing, pulling financial activities outside the U.S. regulatory system back into the fold, tying them to U.S. Treasury bonds, and adding a blacklist—killing two birds with one stone. The same strategy applies to Hyperliquid now. Trump is extending an olive branch to Jeff, basically saying: ‘You’d better cooperate with me while I’m still in office. I’ll give you legal status and ensure your safety. If the government changes hands, it’ll be harder for them to come after you. But if you stay indifferent and keep doing things this way, once I’m out and the Democrats take over, no one will be able to help you.’