Bitwise Asset Management and the Hyperliquid Policy Center have urged the U.S. Securities and Exchange Commission to revise its proposed Regulation Crypto Assets framework, seeking clearer standards for determining when tokens are securities and how crypto-market activities would be treated. Hyperliquid backed the proposal but requested five refinements aimed at reducing legal uncertainty for token projects: explicit treatment of airdrops, rules for secondary trading, broader safe-harbor access, consistent buyback rules and continued federal preemption after safe-harbor qualification. The proposal would allow token offerings of up to $5 million over four years under a startup exemption and up to $75 million over 12 months under a separate fundraising exemption, while establishing a safe harbor for tokens no longer linked to an investment contract. Bitwise separately asked for public-information-based token tests and clearer standards on reliance on Form TR filings. Critics including former SEC enforcement official John Reed Stark and Duke University finance professor Lee Reiners have called for the proposal to be withdrawn, arguing existing securities laws and the Howey Test are sufficient. The SEC accepted comments through Oct. 20 and will decide whether to revise, adopt or withdraw the proposal; any final rule requires a commission vote.