The U.S. Securities and Exchange Commission’s public comment period on its proposed Regulation Crypto Assets is closing, with digital asset firms, Wall Street institutions, and advocacy groups submitting their feedback. Over 100 comments have been filed so far, with the deadline set for Tuesday. The proposed rule aims to create a pathway for digital asset investments, exempting certain offerings from securities law. Key provisions include a startup exemption for offerings up to $5 million and a fundraising exemption for offerings up to $75 million for a one-year period.
The Hyperliquid Policy Center urged the SEC to adopt Reg Crypto but called for changes, particularly in how airdrops are treated. The center argued that airdrops should not be considered securities if they do not involve an investment of money. It also criticized the proposed safe harbor as too limited, stating that the certification requirements are too stringent for many projects.
The Alternative Investment Management Association (AIMA) also requested revisions, emphasizing the need for clear explanations of investors' legal rights and risks. AIMA recommended tailored event reporting and clear treatment of information that is genuinely unavailable. The Securities Industry and Financial Markets Association (SIFMA) highlighted the importance of addressing investor protection and suggested changes to how issuers opt in, given the five-year term of the relief.
Meanwhile, the Commodity Futures Trading Commission (CFTC) is advancing its rules on perpetual futures. The CFTC approved the first perpetual futures for Kalshi and Coinbase in August, paving the way for these assets to trade in the U.S. The Hyperliquid Policy Center has called for the CFTC to bring compute perpetual contracts into the U.S., citing the need for hedging tools in the fragmented compute market.