Hyperliquid Strategies (PURR) shares rose approximately 8% to $13.82 in Friday premarket trading after the U.S. Securities and Exchange Commission announced its Innovation Exemption framework for tokenized U.S. equities. The five-year, temporary and conditional relief allows Tokenized Securities Venues to facilitate trading through automated market makers on public, permissionless blockchains, subject to requirements including shareholder rights, auditable smart contracts, U.S. person status, record-keeping, transparency, trading-volume, technology-security and Office of Foreign Assets Control sanctions compliance. Uniswap founder Hayden Adams said SEC member Hester Peirce’s view that autonomous, truly decentralized systems may not present the intermediary risks targeted by securities regulation could be more significant for ordinary permissionless Uniswap use than the formal decision, while the framework could support licensed pools on Uniswap v4. Tokenized shares must retain conventional equity rights, issuers can block trading and exchange suspensions carry over to tokenized versions. Investors view PURR as a potential beneficiary because the rules align with Hyperliquid’s decentralized exchange architecture; nine analysts maintain unanimous Buy ratings with a mean price target of $19.80.