The SEC's proposed Regulation Crypto Assets framework permits eligible crypto projects to raise up to $5 million over four years under a startup exemption or up to $75 million annually under a fundraising exemption.

From the articleHyperliquid Policy Center urges SEC to clarify airdrop and token buyback rulesAlso in Hyperliquid Group Seeks Clarity on Five Parts of SEC Crypto Plan, Hyperliquid Policy Center seeks five changes to SEC crypto rules, Hyperliquid Demands Five Critical Fixes to SEC Crypto Proposal - U.Today