SEC Crypto Rule Comments Close as Firms Push for Revisions

Comment period ends for SEC's new digital asset rules

The U.S. Securities and Exchange Commission (SEC) has closed its public comment period on a proposed rule known as Regulation Crypto Assets. This rule aims to create a specific legal path for digital asset investments that would exempt certain offerings from standard securities laws. More than 100 submissions were filed before the deadline on Tuesday.

The proposal includes a startup exemption that allows offerings up to $5 million to bypass registration rules. It also features a fundraising exemption for offerings up to $75 million for a one-year period. Additionally, the SEC proposed an innovation exemption that takes effect in September. This exemption allows certain venues trading tokenized stocks to operate without being defined as traditional exchanges.

Industry groups request specific changes

• The Hyperliquid Policy Center supported the adoption of the new rule but requested changes to how airdrops are treated. They asked the SEC to clarify that airdrops given without exchange are not securities.
• The Alternative Investment Management Association (AIMA) called for revisions that explain investors' legal rights and risks more clearly.
• The Securities Industry and Financial Markets Association (SIFMA) urged the SEC to address investor protection issues immediately, specifically regarding how companies opt into the new exemption.

Key concerns from major players

The Hyperliquid Policy Center argued that the proposed safe harbor is too limited for many projects. They noted that the certification requirements might be difficult for startups to meet. SIFMA expressed concern that the five-year term of the innovation exemption requires clear design choices early on to shape future market practices. The group emphasized that resolving these questions now is critical because permanent frameworks will come later.

CFTC weighs new perpetual futures contracts

The Commodity Futures Trading Commission (CFTC), a sister agency to the SEC, is also moving forward with new rules. It approved the first perpetual futures contracts for Kalshi and Coinbase in August. Now, the CFTC is considering allowing perpetual futures for U.S. oil and compute resources. The Hyperliquid Policy Center encouraged the CFTC to bring these compute contracts into the U.S., noting that developers currently lack widely available hedging tools for their risks.

Why this matters

These regulatory moves determine how digital assets are traded and funded in the United States. Clearer rules can affect how investors understand their rights and risks. They also influence whether onchain trading of tokenized stocks, which allows shares to be traded on blockchain networks, becomes a standard practice. The distinction between utility, ownership, and economic exposure remains a key debate among these groups.

Sources

• The Block

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