Crypto tokens tied to trading and tokenization are surging after US regulators moved to expand digital-asset markets despite the failure of landmark crypto legislation in Congress. Hyperliquid’s HYPE token climbed to a record $96 on Monday, taking its market value to above $20 billion. Uniswap’s UNI has gained roughly 40% over the past week, while Avalanche’s AVAX is up about 47%, Ethena’s ENA’s up about 50% and Ondo’s ONDO rose by roughly 26%.

The rally reflects growing confidence in regulatory clarity and market infrastructure development.