Overview
- Hyperliquid Policy Center filed a comment letter on Monday, October 19, 2026 urging the SEC to adopt its August Regulation Crypto Assets proposal while making five targeted refinements.
- The group asks the SEC to state that free airdrops are not securities when recipients give no tangible payment and to say that wallet connection or sanctions checks do not count as payment.
- HPC wants explicit rules on secondary trading so on‑chain protocols and intermediaries can know when they may facilitate resales of tokens issued under the proposal’s exemptions.
- The letter seeks a safe harbor users can access without implying a past investment contract and requests a single definition of a “central party” plus staff guidance to separate automated buybacks from discretionary purchases.
- HPC urged permanent federal preemption of state registration once a token qualifies for the safe harbor, saying that firm preemption is needed to avoid a patchwork of state rules that would push projects overseas or block U.S. users.