--- title: "Bitwise and Hyperliquid ask SEC to clarify token trading and airdrop rules" description: "Bitwise and Hyperliquid have asked the US Securities and Exchange Commission to change its rules so token trading and airdrops are treated more clearly, Cointelegraph reported, as the agency's public comment period closed. The filing seeks clearer guidance on how crypto assets and secondary-market…" language: en canonical: "https://whycoinmoves.com/en/events/hyperliquid-bitwise-hyperliquid-seek-sec-rule-2e93e265011895" published: 2026-10-20T23:56:57.000Z updated: 2026-10-21T00:57:01.000Z indexable: false --- # Bitwise and Hyperliquid ask SEC to clarify token trading and airdrop rules Bitwise and Hyperliquid have asked the US Securities and Exchange Commission to change its rules so token trading and airdrops are treated more clearly, Cointelegraph reported, as the agency's public comment period closed. The filing seeks clearer guidance on how crypto assets and secondary-market… Attributed sources: [Cointelegraph]() ## Key facts Bitwise and Hyperliquid have asked the US Securities and Exchange Commission to change its rules so token trading and airdrops are treated more clearly, Cointelegraph reported, as the agency's public comment period closed. The filing seeks clearer guidance on how crypto assets and secondary-market trading are classified. Evidence strength: Single source, 1 publisher group(s) (Cointelegraph); this describes source coverage, not truth or causation. After site detection, observed returns were 5 minutes: -0.09% (difference from BTC +0.11 pp; 20/10/2026, 23:56 → 21/10/2026, 00:01, UTC; Gate · USDT); 1 hour: +0.87% (difference from BTC +0.88 pp; 20/10/2026, 23:56 → 21/10/2026, 00:56, UTC; Gate · USDT). Unlisted windows are unavailable. In the preceding 30 days, the 99th percentile of absolute hourly returns was 1.99% (OKX · USDT; cutoff 20/10/2026, 23:56, UTC). This hourly baseline is not directly comparable with a minute move. ## Returns after site detection | Window | Return | BTC | Difference from BTC | Actual sampled interval (UTC) | Source | | --- | --- | --- | --- | --- | --- | | 5 minutes | -0.09% | -0.20% | +0.11 pp | 20/10/2026, 23:56 → 21/10/2026, 00:01 | Gate · USDT | | 1 hour | +0.87% | -0.01% | +0.88 pp | 20/10/2026, 23:56 → 21/10/2026, 00:56 | Gate · USDT | | 24 hours | — | — | — | — | — | ## Historical hourly baseline | Metric | Value | | --- | --- | | Ready | true | | Coverage | 100.0% (720/720) | | Median absolute hourly return | 0.35% | | 99th percentile of absolute hourly returns | 1.99% | | BTC beta | 1.16 | | Source / cutoff (UTC) | OKX · USDT / 20/10/2026, 23:56 | ## Claims and open questions - Cointelegraph reported that Bitwise and Hyperliquid are seeking SEC rule changes covering token trading and airdrops. - According to the report, the firms want clearer guidance on how crypto assets are classified and on secondary-market trading. - Cointelegraph reported the request coincided with the close of the SEC's public comment period. - What specific rule or guidance the request targets, and whether the SEC has docketed or responded to it, would need the filing or an official SEC notice. - Whether the request covers any particular Hyperliquid token or airdrop design is not stated in the report and would require the submission itself. - Which parties signed the request beyond Bitwise and Hyperliquid is unclear and would be confirmed by the filed document. ## Source evidence - [Bitwise, Hyperliquid seek SEC rule changes for token trading, airdrops]() — Cointelegraph; published 20/10/2026, 20:38; received 20/10/2026, 23:56 (UTC). ## Recent HYPE events and market reactions No other publication-ready HYPE events yet. - [Full coin archive]() ## Recent Regulation events on other coins - [TRUMP: Circle shareholder sues Trump, World Liberty and Witkoff over crypto deals]() - [INJ: Injective and BDACS plan won-backed stablecoin for tokenized assets]() - [BTC: Swiss regulator FINMA approves country's first retail bitcoin ETF]() - [Regulation]() ## Research for this archive - [Does crypto news move prices or follow them? A timestamp audit]() - [ONDO and RWA tokenization: does growth benefit token holders?]() - [Bitcoin institutional adoption: CME, spot ETFs and SPY correlation]() - [XRP lawsuit and Ethereum ETFs: reading SEC filings and rulings]() [Methods and limitations]() Publisher count is not independent evidence count. Price changes cannot verify news or prove causation.