SEC Comment period for Crypto Asset Regulatory Framework nears deadline; institutions seek revisions to airdrop rules
BIBIBI
AT A GLANCE
SEC Proposed crypto-asset rule receives more than comments;HPC supports adoption but seeks revisions to airdrop and safe-harbor provisions.
Article
Wall Street institutions urge the U.S. to SEC amend the "Crypto Asset Regulatory Framework," as the public-comment period closes
BlockBeats reported that October 21, as the U.S. Securities and Exchange Commission (SEC) nears the end of its public-comment period for the proposed "Crypto Asset Regulatory Framework," digital-asset companies, Wall Street institutions, and industry advocacy groups have put forward their respective positions in hopes of influencing the agency's regulatory direction for the future of financial innovation.SEC The comment period for the proposed "Crypto Asset Regulatory Framework" closes on Tuesday, and 100 comments have been received to date. The rule aims to provide compliance pathways for investment activities involving digital assets, allowing eligible offering activities to be exempt from certain securities-law requirements. These include a "startup exemption," allowing offerings of no more than 5000000 USD to be exempt from registration requirements; in addition, the proposal includes a "fundraising exemption," allowing issuers to conduct offerings of no more than 1 within 75000000 USD years.
The Hyperliquid Policy Center (HPC) urged SEC in a comment letter to adopt the "Crypto Asset Regulatory Framework," while noting that the treatment of airdrops needs adjustment. The center asked SEC to formally incorporate its prior relevant statement into the rule: if an airdrop recipient can obtain assets without providing any consideration, this does not constitute an investment of money, and the relevant assets therefore are not securities.HPC also argued that SEC's proposed safe-harbor mechanism is too limited in scope.
Original link https://m.theblockbeats.info/flash/372838
Key points
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The U.S. Securities and Exchange Commission (SEC) is soliciting public comments on the proposed "Crypto Asset Regulatory Framework."
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The text states that the comment period "closes on Tuesday" and that 100 comments have been received to date.
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The proposed rule aims to provide compliance pathways for investment activities involving digital assets, allowing eligible offering activities to be exempt from certain securities-law requirements.
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The proposal's "startup exemption" allows offerings of no more than 5000000 USD to be exempt from registration requirements.
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The proposal's "fundraising exemption" allows issuers, within 1 years, to conduct offerings of no more than 75000000 USD.
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The Hyperliquid Policy Center (HPC) urged SEC in its comment letter to adopt the framework, while also requesting adjustments to the treatment of airdrops.
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HPC It argues that airdrops for which recipients provide no consideration do not constitute an investment of money, and the relevant assets therefore are not securities.
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HPC It believes that SEC's proposed safe-harbor mechanism is too limited in scope.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This is a crypto-asset regulatory proposal that remains in the public-comment stage. The proposal attempts to establish exemption pathways for certain digital-asset offerings;HPC generally supports the proposal, but hopes SEC will make a clearer determination that airdrops without consideration are non-securities and expand the scope of the safe harbor. The above airdrop assessment is a position advanced by HPC to SEC, not a regulatory conclusion already in effect.
Why it matters to readers
If the relevant offering-exemption or airdrop-treatment proposals are ultimately adopted by SEC, some digital-asset projects may obtain clearer compliance pathways. However, the available materials only describe the proposal and commenters' positions and cannot establish the final rule.
Beginners should distinguish between "public consultation," "industry-submitted recommendations," and "final rules taking effect": the current report concerns the comment period and HPC's recommendations; it does not mean these recommendations have become law or regulatory rules.
Risks and unknowns
The headline states that the public-comment period has ended, but the body also says it is "about to end" and "closes on Tuesday"; its precise status cannot be consistently confirmed from the text.
The materials do not provide SEC's original proposal, the public-comment page, or the full HPC comment letter, so the proposal's provisions and the comment content cannot be independently verified.
Related Developments
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SEC Whether recommendations concerning airdrops, safe harbors, and 5000000 USD and 75000000 USD thresholds will be adopted remains unclear.
The final rule's content, release date, and implementation timeline are all unspecified.
Related concepts
Securities-law exemption
This term is not in the glossary yet. Browse related concepts in the glossary.
A method of distributing digital assets free of charge to members of the public who meet conditions such as holding assets or demonstrating address activity.
