Hyperliquid Policy Institute seeks SEC clarity on airdrop classification

The Hyperliquid Policy Institute, the lobbying arm of the Hyperliquid ecosystem, sent a series of questions to the US Securities and Exchange Commission and the Commodity Futures Trading Commission seeking clarity on the classification of airdrops. The inquiries specifically asked whether continuous airdrops are permissible and how they should be regulated. Market participants interpret this move as a strong signal that Hyperliquid intends to launch a second airdrop, as the team would not seek regulatory clarity unless they had such plans. The first Hyperliquid airdrop was unprecedented in scale, distributing a large number of tokens at a high valuation. The team is expected to wait for a green light from the SEC before proceeding, with the next airdrop likely to be smaller than the first, serving primarily as a reward for existing power users rather than a major incentive program.