The Hyperliquid Policy Center supports the SEC's proposed crypto framework as a step towards clarifying securities law for digital assets. However, they believe five specific changes are necessary to make the rules practical for token developers and markets. The center's primary concerns involve the administrative aspects of token airdrops and the trading of tokens following an exempt distribution. They also seek clearer protection through a safe harbor for mature projects and more defined rules for token buybacks. Furthermore, the group emphasizes the need for a consistent approach to how federal exemptions interact with state securities regulations. The core issue stems from the difficulty of applying long-standing securities tests to tokens that evolve from fundraising arrangements to widely traded assets. While the SEC's proposal aims for predictability, industry feedback indicates ongoing disagreement on these critical boundaries. The Hyperliquid Policy Center's submission is one of many contributions to the SEC's rulemaking process. The final regulations will be determined by the commission's response to all submitted evidence and objections.