Hyperliquid Policy Center Urges SEC to Refine Crypto Rules on Airdrops and Secondary Trading Hyperliquid Policy Center submitted comments on the SEC’s proposed Regulation Crypto Assets, calling for clearer treatment of free token airdrops, broader secondary trading for exempt tokens, expanded safe harbors and clearer rules for token buybacks. 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.