Hyperliquid Policy Center, Bitwise, Blockworks, and Ripple submit comment letters on SEC crypto regulation framework
Multiple crypto firms filed comment letters before the SEC's October 20 deadline on its proposed Regulation Crypto Assets framework, seeking changes to airdrop treatment, token classification, disclosure requirements, and safe harbor provisions.
Why it matters
The comment letters show major crypto market participants engaging constructively with the SEC's first comprehensive crypto rulemaking, but they disagree on key operational details like safe harbor timing, disclosure granularity, and the legal test for when an investment contract ends. The outcome will shape whether token projects can launch and trade in the U.S. without years of case-by-case enforcement.
Key facts
The SEC proposed Regulation Crypto Assets in August 2026
Reported by Crypto.News
The public comment period on the proposed regulation closed October 20, 2026
Reported by Crypto.News
The framework includes two exemptions for qualifying token offerings: up to $5 million over four years and up to $75 million per year
Reported by Crypto.News
The Hyperliquid Policy Center submitted five recommendations to the SEC on October 19, 2026
Reported by Crypto.News
Hyperliquid Policy Center's recommendations cover airdrops, secondary trading, developer protections, buybacks, and state securities requirements
Reported by Crypto.News
Blockworks filed a comment letter requesting mandatory disclosure of token loans, market-maker agreements, adviser and influencer payments, key wallet addresses, and supply calculations
Reported by Unchained
Bitwise Asset Management submitted a comment letter asking for clearer token classification standards for investment managers and guidance on Form TR filings
Reported by Cointelegraph
Ripple filed a 20-page comment letter on October 20, 2026 supporting the framework but seeking changes to investment contract treatment and safe harbor provisions
Reported by Crypto.News
What happened
The SEC's public comment period on its proposed Regulation Crypto Assets framework closed on October 20, 2026, after about 140 submissions. The Hyperliquid Policy Center filed a letter supporting the proposal while requesting five changes covering airdrops, secondary trading, developer protections, buybacks, and state securities requirements. Bitwise Asset Management urged clearer guidance for investment managers on token classification and Form TR filings. Blockworks requested mandatory disclosure of token loans, market-maker agreements, and payments to advisers and influencers. Ripple filed a 20-page letter supporting the framework but rejecting a decentralization test for ending investment contracts, arguing the SEC should use issuer promises instead, and opposing limits on the Rule 400 safe harbor. Ripple said its prior litigation with the SEC cost more than $150 million.
How the story developed
- Official statement
Bitwise and Hyperliquid submit comment letters as deadline approaches
Both firms filed letters on October 19 seeking clarity on token classification and safe harbor provisions
- First report
First report by Crypto.News
Hyperliquid Policy Center seeks five changes to SEC crypto rules
- Update
SEC proposes Regulation Crypto Assets framework
The SEC proposed the framework in August 2026 with a 60-day public comment period
- Official statement
Hyperliquid Policy Center announces five recommendations
The group published its comment letter supporting the framework while requesting five changes
- Independent corroboration
Independently corroborated by CoinGape
Hyperliquid Policy Center Urges SEC to Revise Crypto Rules on Buybacks and Developer Protections
- Official statement
Blockworks shares comment letter requests with Unchained
Blockworks described its disclosure requests ahead of filing its comment letter
- Update
SEC public comment period closes
The 60-day comment period on Regulation Crypto Assets ended with about 140 submissions
- Official statement
Ripple files 20-page comment letter supporting framework with revisions
Ripple submitted its letter on October 20, citing over $150 million in prior litigation costs
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 19 Oct 2026, 13:25 UTC: Crypto.News — 1 independent source, 1 reports
- 19 Oct 2026, 15:09 UTC: Crypto News (CryptoNews.net) — 2 independent sources, 2 reports
- 19 Oct 2026, 15:38 UTC: CoinGape — 3 independent sources, 3 reports
- 19 Oct 2026, 16:00 UTC: Unchained — 4 independent sources, 5 reports
- 19 Oct 2026, 19:25 UTC: U.Today — 5 independent sources, 6 reports
- 19 Oct 2026, 19:54 UTC: Cointelegraph — 6 independent sources, 7 reports
- 20 Oct 2026, 17:00 UTC: NewsBTC — 7 independent sources, 8 reports
- 21 Oct 2026, 08:05 UTC: TheNewsCrypto — 8 independent sources, 15 reports
- 21 Oct 2026, 14:19 UTC: Altcoin Buzz — 9 independent sources, 17 reports
- 21 Oct 2026, 20:00 UTC: CryptoSlate — 10 independent sources, 18 reports
Affected entities
Also mentioned: XRP, Commodity Futures Trading Commission, Nasdaq, Coinbase, Kraken, U.S. Congress, Bitcoin
Original sources
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