Bitwise and Hyperliquid are asking the SEC for rule changes on token trading and airdrops. That is the regulatory unlock crypto has been waiting on; if this gets traction, policy headlines become a bi

What happened: Bitwise Asset Management and the Hyperliquid Policy Center submitted comment letters urging the SEC to revise its proposed Regulation Crypto Assets, seeking clearer guidance on token classification, airdrops and secondary-market trading. Key numbers: Comments closed Tuesday. Why it matters: Hyperliquid warned the proposal fails to clarify whether tokens can trade freely through onchain protocols, while former SEC official John Reed Stark and Duke's Lee Reiners urged the SEC to withdraw the proposal entirely, arguing it exceeds statutory authority.

Bitwise Asset Management and the Hyperliquid Policy Center submitted comment letters urging the SEC to revise its proposed Regulation Crypto Assets, seeking clearer guidance on token classification, airdrops and secondary-market trading.

Hyperliquid warned the proposal fails to clarify whether tokens can trade freely through onchain protocols, while former SEC official John Reed Stark and Duke's Lee Reiners urged the SEC to withdraw the proposal entirely, arguing it exceeds statutory authority.