CFTC chairman publicly admitted existing definitions don't fit hyperliquid and they're building new ones. circle is distributing 90% of USDC yield through the protocol. coinbase is the official treasury deployer for $6b in USDC sitting on-chain. the two most compliance-paranoid companies in crypto don't commit infrastructure to protocols they expect to get enforcement actions. they have regulatory visibility you don't. the framework is coming and it's not an obituary