According to CoinMeta, Bitwise Asset Management and Hyperliquid Policy Center submitted comment letters to the U.S. Securities and Exchange Commission (SEC) requesting clarification on token classification, airdrop, and secondary market trading rules. Bitwise calls for clear criteria for investment managers to determine whether tokens are subject to securities laws. Hyperliquid Policy Center advocates for expanding the scope of safe harbors and clarifying airdrop and token repurchase rules, as well as the compliance of transactions facilitated by unregistered intermediaries and those conducted via on-chain protocols. John Reed Stark and Lee Reiners request that the proposal be withdrawn, arguing that it exceeds the statutory authority of the SEC and undermines investor protection.