On March 26, 2026, lawyer Jianzhi Jin stated in an interview that the listing of tokenized stocks like the S&P 500 on platforms such as Hyperliquid does not imply regulatory compliance. Jin emphasized that these tokenized stocks are often derivatives without shareholder rights. She clarified that S&P and Nasdaq are profit-driven companies and not official regulatory bodies, and that Hyperliquid's S&P 500 contract is merely a trademark authorization, not an endorsement by S&P.