The Hyperliquid Policy Center requested that the SEC formally clarify that free token airdrops do not constitute investment contracts when recipients provide no tangible, measurable consideration.

Cryptocurrencies, blockchains, and the broader on-chain economy.

How governments worldwide set rules for digital assets through legislation, agency rulemaking, licensing regimes and court fights.

Ongoing legal fight over which digital assets count as securities under investor-protection law and which are commodities, determining whether the SEC or CFTC oversees them.