Hyperliquid and Douro Labs Back SEC’s Repeal of Dealer Rule

The notable signal here is not the repeal itself but who is endorsing it: Hyperliquid's policy arm and Douro Labs, both tied to on-chain derivatives and oracle infrastructure, are publicly aligning with the SEC on market-structure reform. That suggests the firms most exposed to how dealer activity is defined see more upside in engagement than in litigation. Whether this alignment extends to other market-structure questions, and whether it translates into concrete treatment of on-chain venues, is the open question.