Hyperliquid Policy Center Seeks Five SEC Crypto Rule Changes

The Hyperliquid Policy Center says it has asked the U.S. Securities and Exchange Commission to adopt its proposed Regulation Crypto Assets with five changes addressing token airdrops, secondary trading, a developer safe harbor, buybacks and state registration requirements. In a comment letter filed October 19, the group supported the SEC proposal but argued that parts of the framework need clarification before the agency finalizes it. The SEC’s public-comment period is scheduled to close October 20, 2026. The recommendations are requests from the policy center, not changes the SEC has accepted. The proposal, released in August, would create exemptions for certain token offerings. It would allow qualifying projects to raise up to $5 million over four years under a startup exemption, or up to $75 million in a 12-month period under a separate fundraising exemption. Those are proposed terms, not exemptions currently in force. The policy center’s first request concerns airdrops. It wants the SEC to specify that routine steps such as connecting a wallet or completing sanctions screening do not, by themselves, count as tangible and definable consideration provided in exchange for...