JPMorgan issued a quiet warning about new exchange

Hyperliquid’s breakout success is hitting a dead end as decentralized platforms lose the war to regulated U.S. crypto products. Despite being the fourth-largest asset in corporate treasuries, its momentum has stalled because it lacks the licensing and investor protections that big money demands. The "decentralized" advantage is actually a fatal flaw that will see it crushed by Solana and XRP. Can a DEX ever truly compete with regulated finance, or is the hype finally over?
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