The public comment window on the SEC's proposed Regulation Crypto Assets closed on October 20, with crypto firms and Wall Street groups pressing for changes. The file had drawn more than 100 submissions before the deadline.

Proposed in August, the rule would let issuers sell crypto assets tied to investment contracts without full registration: up to $5M over four years, or up to $75M in each 12-month period. It also adds a conditional safe harbor and preempts state registration for these offerings and later resales.

The Hyperliquid Policy Center backed adoption but asked for five fixes, including putting the airdrop analysis into the final rule text, clearing immediate secondary trading of exempt assets and folding recent token buyback guidance into the rules. The Alternative Investment Management Association (AIMA) and SIFMA also filed letters seeking revisions.

The final version will set the main US path for token sales, so how the SEC treats airdrops and secondary trading decides whether projects actually use it.