Bitwise and Hyperliquid have filed requests with the SEC to revise its rules on token trading and airdrops, asking for clearer guidance on how crypto assets are classified and how secondary-market trading should be treated. The filings land as the agency's public comment period on the matter winds down.
The ask is narrow on paper. In practice, it cuts to the heart of how token issuers and trading venues decide which assets can be listed, distributed, or freely traded without running into securities-law trouble.
What the two firms are asking for
Bitwise and Hyperliquid filed separate requests to change SEC rules covering token trading and airdrops. Both firms want the agency to spell out how it classifies crypto assets — and, just as importantly, how it treats secondary-market trading in those assets.
That second point is where most of the practical friction lives. Airdrops, in particular, sit in a gray zone. Distribution mechanics vary wildly from project to project, and the firms want the SEC to say which of those mechanics fall on the wrong side of existing rules.
The requests don't name specific tokens. They're aimed at the framework itself.
Why the comment window matters
The SEC's public comment period is coming to a close, which puts a clock on the process. Once it shuts, the agency has to decide whether to formally open a rulemaking, punt, or simply publish guidance.
Bitwise and Hyperliquid are getting their asks in before that door closes. That's standard practice for anyone hoping to shape the final language — comments submitted late tend to get skimmed at best.
A crowded field of requests
The SEC has been fielding a steady stream of rule-change petitions from the crypto industry this year. Each one tends to narrow in on a specific choke point: custody, exchange registration, token classification.
This pair of filings is no different. The focus on airdrops is notable because it's one of the few areas where the agency hasn't issued much formal guidance, leaving issuers to guess.
For Bitwise, the request lines up with its broader push to get regulated crypto products in front of traditional investors. For Hyperliquid, the stakes are steeper: the platform's trading model depends on clear rules for what can be listed and who can trade it.
What happens after the comments close
Once the comment period ends, the SEC isn't obligated to act quickly. The requests could sit for months, get folded into a broader rulemaking, or be rejected outright.
The more immediate question is whether other firms pile in with similar asks before the window shuts — a common pattern when one player forces the issue. If they do, the agency will have a bigger pile to sort through, and the odds of a formal response rise.
For now, the clock is the only thing that's certain.
