Bitwise and Hyperliquid urge SEC to revise crypto token rules on classifications and airdrops

Bitwise Asset Management and the Hyperliquid Policy Center submitted comment letters to the SEC Monday, requesting clearer guidance on token classifications, airdrops and secondary-market trading. Bitwise urged the SEC to clarify how investment managers should determine if a crypto asset is a security using publicly available information, and how to assess tokens when an issuer's Form TR filing does not exist. The Hyperliquid Policy Center called for a broader safe harbor for tokens, clearer protections for airdrops rewarding network participation, and guidance on token buybacks, warning the proposal fails to address whether unregistered intermediaries can facilitate token trading.