The Hyperliquid Policy Center urged the SEC to adopt its proposed crypto regulatory framework with five revisions aimed at providing greater legal clarity for crypto developers and token holders. The SEC proposal would allow qualifying crypto projects to raise up to $5 million over four years under a startup exemption or up to $75 million annually under a separate fundraising exemption. The framework would establish a safe harbor for tokens no longer associated with investment contracts and provide exemptions from certain state securities registration requirements. The group recommends that the SEC formally establish that token airdrops do not constitute securities transactions when recipients provide no tangible consideration in exchange. HPC argues that greater legal certainty could encourage crypto developers to launch projects in the US rather than relocate overseas or exclude American users.
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