Bitwise, Hyperliquid Urge SEC to Revise Proposed Crypto Asset Rule

Bitwise and Hyperliquid have urged the U.S. Securities and Exchange Commission to revise a proposed rule affecting crypto assets. The intervention places a crypto asset manager and a blockchain-based trading platform among market participants seeking changes to the SEC’s approach before any rule is finalized.

Bitwise is known for investment products focused on digital assets, while Hyperliquid operates a blockchain-based trading platform. Their position highlights continued industry engagement with U.S. regulators as the SEC considers how existing securities-market rules should apply to crypto-related activity and infrastructure.

The SEC is the principal U.S. regulator for securities markets and has taken an active role in debates over whether, and how, crypto assets and related services fall under federal securities laws. Rulemaking can affect platforms, investment firms, token issuers and users by shaping registration, disclosure, trading and compliance expectations.

The request from Bitwise and Hyperliquid underscores the importance of public comment in the SEC rulemaking process. Proposed rules can be revised in response to submissions from companies, investors, legal specialists and other stakeholders before the agency decides whether to adopt a final version.