Hyperliquid Policy Center is urging the U.S. Securities and Exchange Commission (SEC) to exclude airdrops from the definition of securities. Their proposal includes writing the SEC's stance from March 2026 into the rules, stating that free airdrops do not constitute a 'monetary investment' and therefore do not qualify as investment contracts. They also suggest extending this rule to announced airdrops, including periodic or regular distributions, provided the network is already operational, eligibility is based on usage or contributions (such as trading, validation, providing liquidity, governance), and the airdrops are not a fundraising mechanism. They argue that investments require tangible and identifiable consideration, while airdrops are rewards, not investments. https://www.(wublock123.com)/news/hyperliquid-policy-center-urges-sec-exclude-airdrops-from-securities-70353