XRP, Solana, Hyperliquid become top beneficiaries of US cryptocurrency market structure bill

▲ XRP, Solana (SOL), Hyperliquid (HYPE)/AI generated image

As the US Cryptocurrency Market Structure Bill (CLARITY Act) passed the Senate Banking Committee, XRP, Solana (SOL), and Hyperliquid (HYPE) were named as the most direct beneficiaries. Analysis suggests that the bill is prompting a re-evaluation of altcoin regulatory risks through its provisions on token commodity classification, decentralization requirements, and DeFi protection.

According to BeInCrypto on May 14 (local time), the US Cryptocurrency Market Structure Bill passed the Senate Banking Committee on Thursday and moved to a full Senate vote. BeInCrypto identified XRP, Solana, and Hyperliquid as representative tokens that align with the bill's grandfather clause, decentralization test, and DeFi safeguards.

XRP, the native asset of the Ripple network, was evaluated as the token most closely aligned with the bill's grandfather clause. This provision allows for the rapid granting of commodity status to tokens with approved or pending exchange-traded fund (ETF) products, bypassing the full mature blockchain test. BeInCrypto explained that while XRP's secondary market sales have been under scrutiny by the US Securities and Exchange Commission (SEC), the bill could end the exposure of tokens that meet the new commodity definition. XRP traded at $1.51, up nearly 7% in 24 hours at the time of writing.

Solana was cited as an asset that could be classified as a mature blockchain under the bill's decentralization criteria. BeInCrypto suggested that Solana could benefit from the DeFi safe harbor provision, which protects non-custodial developers, validators, and liquidity providers from broker registration obligations. Furthermore, it analyzed that Solana operates the largest DeFi ecosystem by trading volume outside of Ethereum (ETH), and that perpetual futures, staking products, and tokenized real-world asset activities could be concentrated within the US. However, Solana's price only rose by 1.68% at the time of writing, trading at $92.70.

Hyperliquid, which operates a fully on-chain perpetual futures exchange on its own Layer 1, was evaluated as a project directly aligned with the bill's DeFi safe harbor provision. This provision protects non-custodial protocols from broker and dealer registration requirements while maintaining fraud prevention enforcement. Hyperliquid rose up to 12% in 24 hours at the time of writing, trading at $43.86, and BeInCrypto reported that BitGo's expanded custodial support has broadened institutional accessibility.

However, the bill's passage is not yet final. BeInCrypto pointed out that the bill still needs to be reconciled with the House version and must secure 60 votes in the full Senate. As senators have already added over 100 amendments during the markup process, the extent to which these three tokens benefit could be adjusted again if the language regarding stablecoin yields or DeFi handling changes.

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