Former Robinhood engineers Hefu Chai and Huaisong Xiang face commodities fraud and wire fraud charges over allegations that they used confidential Robinhood Crypto listing plans to trade perpetual futures on Hyperliquid before public announcements. Prosecutors said the alleged activity occurred between 2025 and 2026 and that each defendant made more than $50,000, while an earlier account put combined alleged gains above $1.13 million. Robinhood said it immediately investigated the matter and reported it to authorities. Its shares were down 4.58% at $105.39 on Wednesday as the U.S. Senate also failed to advance the CLARITY Act, with 41 senators opposing the cloture motion needed to move the digital-assets bill forward.