Hyperliquid Policy Center Urges SEC to Exclude Airdrops

The Hyperliquid Policy Center has formally called on the U.S. Securities and Exchange Commission to exclude crypto airdrops from the agency’s definition of securities, a request that, if acted upon, could reshape compliance obligations for token projects distributing assets to users at no cost. The proposal targets one of the most consequential unresolved questions in digital-asset regulation: whether distributing tokens freely to wallet holders constitutes an investment contract subject to federal securities law.