Bitwise and Hyperliquid seek clearer SEC rules for crypto tokens

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Bitwise Asset Management and the Hyperliquid Policy Center have urged the US Securities and Exchange Commission (SEC) to clarify its proposed crypto regulations, calling for clearer rules on token classifications, airdrops and secondary-market trading.

Their comments were submitted on Monday, ahead of the close of the SEC’s public consultation on its proposed Regulation Crypto Assets. The proposal would introduce exemptions for qualifying crypto fundraising and a conditional safe harbour for tokens linked to investment contracts.

Bitwise asked the SEC to clarify how investment managers should determine whether crypto assets fall under securities laws using publicly available information. It also sought guidance on when managers can rely on an issuer’s Form TR filing to establish that an investment contract has ended and how they should assess tokens when no such filing exists.