Bitwise and Hyperliquid Seek SEC Crypto Rule Revisions

Bitwise Asset Management and the Hyperliquid Policy Center have asked the U.S. Securities and Exchange Commission to revise its proposed crypto rules, seeking clearer standards for token classification, airdrops and trading after tokens are issued. Their comment letters were submitted October 19, as the agency’s public comment period closed October 20, 2026. The SEC’s proposed Regulation Crypto Assets would establish exemptions for qualifying crypto fundraising and a conditional safe harbor for certain tokens linked to investment contracts. The agency has not announced when it will decide whether to revise, adopt or withdraw the proposal. Any final rule would require a commission vote before taking effect. Bitwise asked the SEC to set a standard investment managers could use, based on publicly available information, to determine whether a crypto asset is subject to securities laws. The firm also sought guidance on when managers may rely on an issuer’s proposed Form TR filing, which would certify that an investment contract relationship has ended, and how they should assess a token when no such filing exists. The Hyperliquid Policy Center urged the SEC to broaden the proposed...