The public comment period for the U.S. Securities and Exchange Commission's proposed "Regulation Crypto Assets" closed on Tuesday, November 3, 2026. Bitwise and the Hyperliquid Policy Center submitted comment letters urging the SEC to provide clearer rules on whether tokens qualify as securities, airdrops, token buybacks, and secondary market intermediaries. The Hyperliquid Policy Center additionally called for making the proposed safe harbor provisions more operationally viable. Other commentators, including former SEC enforcement officials, argued for withdrawing the proposal entirely. The rulemaking marks a key milestone in the SEC's effort to establish a comprehensive regulatory framework for digital assets under federal securities law.