Bitwise, Hyperliquid Seek SEC Rule Changes on Token Trading, Airdrops

The significance here is procedural as much as substantive: Bitwise and Hyperliquid are pushing concrete asks into the record just as the SEC's comment window shuts, which is the moment agency staff typically start sorting input into something actionable. Classification and airdrop treatment are the two pressure points that have kept token distribution and secondary trading in a gray zone, so any guidance would ripple across issuers, exchanges and projects using airdrops as a launch mechanism. Whether the agency treats these filings as a signal for formal rulemaking or leaves them in the comment file is the open question worth watching.