Hyperliquid Policy Center issued a statement urging the SEC to exclude airdrops from the definition of securities.
1 hours ago
The Hyperliquid Policy Center is urging the U.S. Securities and Exchange Commission (SEC) to exclude airdrops from the definition of securities. Its specific proposals include codifying the SEC’s March 2026 stance into rules: that free airdrops do not constitute "money investments" and thus are not investment contracts. The policy center also seeks to extend this rule to announced airdrops—including periodic or regular distributions—on the condition that the network is fully operational, eligibility is based on usage or contributions (such as trading, validation, liquidity provision, or governance), and the airdrop is not used as a fundraising vehicle. The Hyperliquid Policy Center maintains that an investment requires tangible, identifiable consideration, and airdrops qualify as rewards rather than investments. Claim-related actions like connecting wallets, signing transactions, paying gas fees, completing KYC/AML, or accepting terms of service should not be deemed consideration. Furthermore, the rule should apply retroactively to past airdrops or cover Hyperliquid’s native airdrops.
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