Bitwise, Hyperliquid seek SEC rule changes for token trading, airdrops
Bitwise and the Hyperliquid Policy Center asked the SEC to clarify its proposed crypto rules before public comments close. Bitwise wants usable standards for determining token securities status and guidance on relying on issuer filings. Hyperliquid seeks broader safe-harbor protections, clarity for participation-reward airdrops and buybacks, and rules covering intermediaries and onchain secondary-market trading. Former SEC official John Reed Stark and Duke scholar Lee Reiners urged the SEC to withdraw the proposal, arguing it exceeds the agency’s authority, weakens investor protections and risks legal challenge. The SEC will review comments and decide whether to revise, adopt or withdraw the proposal; no decision timetable has been announced.
