Bitwise and Hyperliquid Seek New SEC Rules for Digital Assets

Bitwise Asset Management and the Hyperliquid Policy Center have submitted letters to the United States Securities and Exchange Commission. The firms are requesting changes to the proposed regulations for crypto assets.

The request comes as the public comment period for the new regulation nears its end. The SEC proposal aims to create exemptions for fundraising and a conditional safe harbor for tokens linked to investment contracts.

Bitwise argues that managers need standards based on public information to determine if an asset falls under securities laws. The firm is seeking specific guidelines on how to evaluate tokens in the absence of formal certification documents.

The Hyperliquid Policy Center contends that the current safe harbor may be applied too late in a project's lifecycle. The group is requesting clear protections for airdrops that reward network participation along with guidance on token buybacks.

Furthermore, Hyperliquid warns about the lack of clarity regarding the role of unregistered intermediaries in decentralized protocols. The entity is asking the SEC to directly address secondary market transactions to reduce regulatory uncertainty.