According to Cointelegraph, Bitwise and Hyperliquid are requesting that the U.S. Securities and Exchange Commission provide clearer guidance on how crypto assets should be classified and whether secondary‑market trading of those assets falls under existing securities rules, as the SEC’s public comment period nears its end. The companies also seek clarification on the regulatory treatment of token airdrops.
Their submission emphasizes the need for consistent criteria that distinguish between utility tokens used in operational functions and investment contracts subject to securities law. They note that current guidance lacks sufficient detail for firms planning secondary trading and issuing airdrops, which creates uncertainty for compliance and business planning.
Bitwise and Hyperliquid cite recent SEC actions and public comment responses as the basis for their request, aiming to align regulatory expectations with market practices without proposing specific rule changes. They intend to use the clarified guidance to design compliant token distribution and trading processes.
