Hyperliquid Policy Center is asking the SEC to exclude airdrops from the definition of securities: -Codify the SEC’s March 2026 position: A free airdrop does not constitute an “investment of money” and therefore does not qualify as an investment contract. -Extend the rule to announced airdrops, including recurring or scheduled distributions, provided the network is functional, eligibility is based on usage or contribution (trading, validating, liquidity provision, governance), and the airdrop is not a fundraising mechanism. -Key criterion: An investment requires tangible, identifiable consideration. An airdrop is a reward, not an investment. -Claim procedures such as connecting a wallet, signing a message, paying gas fees, completing KYC/AML, or accepting terms of service would not count as consideration. -Retroactive application to past airdrops, potentially covering the hyperliquid:native airdrop.