. We'll translate each part.
Let's translate step by step.
Original title: "CME and NYSE Lobby CFTC to Target Hyperliquid Over USDC Liquidity Risks"
Translation: "CME ve NYSE, CFTC'yi Hyperliquid'e Karşı USDC Likidite Riskleri Nedeniyle Harekete Geçirmeye Çalışıyor"
Meta description: "CME and NYSE have urged the CFTC to act against Hyperliquid, citing risks tied to USDC liquidity. The lobbying could reshape decentralized derivatives and benefit rival platforms."
Translation: "CME ve NYSE, USDC likiditesine bağlı riskleri gerekçe göstererek CFTC'yi Hyperliquid'e karşı harekete geçmeye çağırdı. Bu lobi faaliyeti, merkeziyetsiz türevleri yeniden şekillendirebilir ve rakip platformlara fayda sağlayabilir."
Now content: We'll translate each paragraph and heading. Keep HTML tags untouched. Use natural Turkish.
First paragraph: "Two of the biggest names in traditional finance — CME Group and the New York Stock Exchange — have taken their fight against a fast-growing crypto derivatives platform to US regulators. Both firms have been lobbying the Commodity Futures Trading Commission to take action against Hyperliquid, according to people familiar with the matter. Their central concern? The liquidity risks posed by USDC, the stablecoin that underpins much of Hyperliquid's trading activity."
Translation: "Geleneksel finansın en büyük iki ismi — CME Group ve New York Borsası — hızla büyüyen bir kripto türev platformuna karşı mücadelelerini ABD düzenleyicilerine taşıdı. Her iki firma da konuya aşina kaynaklara göre, Emtia Vadeli İşlemler Komisyonu'nu (CFTC) Hyperliquid'e karşı harekete geçmeye ikna etmek için lobi yapıyor. Ana endişeleri? Hyperliquid'in ticaret faaliyetinin büyük kısmını destekleyen stablecoin USDC'nin yarattığı likidite riskleri."
Note: "Commodity Futures Trading Commission" is translated as "Emtia Vadeli İşlemler Komisyonu" but commonly kept as CFTC in Turkish crypto context. We can keep CFTC as is, but for clarity, we might add the Turkish name in parentheses first time. However, the instruction says keep proper nouns in original form. So we can keep "Commodity Futures Trading Commission" as is? But that's an English name. Actually proper nouns like company names stay, but regulatory bodies? The instruction says "Keep proper nouns (names, company names) in original form". CFTC is an acronym, likely keep as CFTC. Similarly, CME Group and NYSE. So we'll keep them as CME Group, New York Borsası? "New York Stock Exchange" is a proper noun, but in Turkish it's commonly "New York Borsası". However, instruction says keep proper nouns in original form. So we should keep "New York Stock Exchange" in English? That might be unnatural. Better to translate common proper nouns? The instruction says "Keep proper nouns (names, company names) in original form". "New York Stock Exchange" is a company name, so keep as is. But in Turkish article, it's common to see "New York Borsası (NYSE)". To be safe, we'll keep as "New York Stock Exchange" but might sound odd. Alternatively, we can use "NYSE" as abbreviation. Since the original uses "New York Stock Exchange" full name, we'll keep it in English. But let's see: "CME Group and the New York Stock Exchange" - both are proper nouns, so keep in English.
Similarly, "Commodity Futures Trading Commission" - that's a regulatory body name, also proper noun. Keep as is. But in Turkish, we might add "ABD Emtia Vadeli İşlemler Komisyonu (CFTC)" but instruction says keep original. I'll keep as "Commodity Futures Trading Commission (CFTC)"? The original only says "Commodity Futures Trading Commission" then later uses "CFTC". We can keep as is.
Better to follow instruction strictly: keep proper nouns in original form. So we keep "CME Group", "New York Stock Exchange", "Commodity Futures Trading Commission", "Hyperliquid", "USDC", "Circle", "DAI", "USDe", "DeFi", "KYC", etc.
But note: "Silicon Valley Bank" is a proper noun, keep. "Washington" is a place name, keep as Washington? In Turkish, "Washington" is fine.
Now translate the rest.
Second paragraph heading: "The lobbying push behind closed doors" -> "Kapalı kapılar ardındaki lobi baskısı"
Paragraph: "CME and NYSE are no strangers to the CFTC. Both are regulated entities with deep ties to the agency. But their recent outreach on Hyperliquid signals something more than routine policy chatter. The exchanges have argued that Hyperliquid's model — a decentralized exchange that relies on USDC for margin and settlement — creates hidden vulnerabilities. If a sudden run on USDC were to occur, they've warned, the knock-on effects could ripple through markets that the CFTC oversees."
Translation: "CME ve NYSE, CFTC'ye yabancı değil. Her ikisi de ajansla derin bağları olan düzenlenmiş kuruluşlar. Ancak Hyperliquid hakkındaki son girişimleri, rutin politika konuşmalarından daha fazlasını işaret ediyor. Borsalar, Hyperliquid'in modelinin — marj ve takas için USDC'ye güvenen merkeziyetsiz bir borsa — gizli zafiyetler yarattığını savundu. Ani bir USDC kaçışı yaşanırsa, uyardılar, bunun yan etkileri CFTC'nin denetlediği piyasalara yayılabilir."
Next: "The lobbying campaign isn't public. No formal complaints have been filed. But the pressure is real, and it's aimed squarely at a platform that has drawn billions in trading volume away from centralized rivals."
Translation: "Lobi kampanyası kamuya açık değil. Herhangi bir resmi şikayet yapılmadı. Ancak baskı gerçek ve doğrudan merkezi rakiplerinden milyarlarca dolarlık işlem hacmi çeken bir platformu hedef alıyor."
Heading: "Why USDC liquidity is the flashpoint" -> "USDC likiditesi neden kırılma noktası"
Paragraph: "At the heart of the matter is USDC, the second-largest stablecoin by market cap. Hyperliquid uses it as its primary settlement asset. That means every trade on the platform is cleared in USDC, not in a proprietary token or a traditional currency. For CME and NYSE, that dependency is a risk they're happy to highlight."
Translation: "Meselenin özünde, piyasa değeriyle ikinci en büyük stablecoin olan USDC var. Hyperliquid, onu birincil takas varlığı olarak kullanıyor. Bu, platformdaki her işlemin, özel bir token veya geleneksel bir para birimiyle değil, USDC ile takas edildiği anlamına geliyor. CME ve NYSE için bu bağımlılık, vurgulamaktan mutluluk duydukları bir risk."
Next: "Stablecoins, after all, are only as good as the reserves backing them. USDC issuer Circle has faced its own turbulence — including a brief depeg in March 2023 during the Silicon Valley Bank collapse. The exchanges have reportedly pointed to that episode as evidence that a stablecoin crash could freeze Hyperliquid positions and leave the CFTC scrambling."
Translation: "Sonuçta stablecoin'ler, onları destekleyen rezervler kadar iyidir. USDC ihraççısı Circle, kendi çalkantılarıyla karşılaştı — Mart 2023'te Silicon Valley Bank'ın çöküşü sırasında kısa süreli bir depeg dahil. Borsaların, bu olayı
