Hyperliquid Policy Center seeks five changes to SEC crypto rules

The SEC’s Regulation Crypto Assets proposal is part of a longer effort to define how digital assets fit inside U.S. securities rules, and Hyperliquid Policy Center is pressing for changes before that framework is finalized. The group’s list touches several familiar pressure points in crypto regulation: airdrops, secondary trading, safe harbors, buybacks and the balance between federal and state authority. Those topics matter because they shape how token projects are launched, how they stay tradable and which regulators can apply the rules.

For builders and token issuers, the specific language around airdrops and onchain intermediaries is practical, not abstract. If the SEC keeps those areas tight, projects may need to redesign distribution plans and trading routes to fit the final rule. If the agency accepts the requested refinements, more activity could stay inside a clearer compliance path, especially for tokens that are meant to move through protocols rather than only through traditional venues.

The larger tension is between giving the market a workable rulebook and keeping enough regulatory control over token activity that can look like securities trading. Federal preemption is especially sensitive because it would shape how much room state-level protections still have once the SEC acts. That trade-off sits at the center of U.S. crypto policy: a narrower rule can leave more uncertainty, while a broader one can concentrate authority in Washington.

What remains open is which of the five requested changes the SEC will accept, reject, or narrow in the final text of Regulation Crypto Assets. The filings do not say when the agency will answer or whether the proposed safe-harbor and trading language will be revised together or separately. The next concrete signal will be the SEC’s response to these comments.