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The Hyperliquid Policy Center has urged the SEC to refine its proposed Regulation Crypto Assets framework, seeking clearer treatment for free token airdrops, broader secondary trading for exempt tokens, expanded safe harbors and rules for token buybacks.
Why it matters
The comments target key points where token projects and investors face uncertainty. Clearer treatment of airdrops could define how freely distributed tokens are handled, while broader secondary trading could improve access to exempt assets after an initial offering.
The SEC proposal includes exemptions for startup token offerings of up to $5 million over four years and qualifying fundraising of up to $75 million in any 12-month period. Those thresholds would give the framework a direct role in how crypto businesses finance growth.
Market impact
The policy center's recommendations connect issuance rules with market liquidity. Expanded safe harbors and clearer buyback guidance could give projects more room to operate while helping investors understand when secondary trading is permitted.
The SEC's response will determine whether the proposed framework supports wider onchain market access or leaves major questions around airdrops and token trading unresolved.
Source: [HPC Urges the SEC to Adopt Regulation Crypto Assets with Five Refinements](https://hyperliquidpolicy.org/blog/hpc-urges-the-sec-to-adopt-regulation-crypto-assets-with-five-refinements)
Frequently asked questions
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What changes is Hyperliquid Policy Center seeking from the SEC?
It wants clearer rules for free token airdrops, broader secondary trading for exempt tokens, expanded safe harbors and token buybacks.
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What is Regulation Crypto Assets?
It is the SEC proposal covering exemptions and other rules for certain crypto asset offerings and fundraising activities.
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What fundraising limits are included in the SEC proposal?
The proposal includes exemptions for startup token offerings of up to $5 million over four years and qualifying fundraising of up to $75 million in any 12-month period.
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Why do secondary-trading rules matter for exempt tokens?
Clearer and broader secondary-trading rules could improve access and liquidity for tokens issued under exemptions.
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How could clearer buyback rules affect crypto projects?
They could give projects and investors more clarity about how token buybacks fit within the proposed regulatory framework.
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