Bitwise Asset Management and the Hyperliquid Policy Center urged the U.S. Securities and Exchange Commission on Monday to revise its proposed crypto rules, asking for clearer guidance on how tokens are classified, how airdrops are treated and how secondary-market trading works.

Both groups filed comment letters ahead of Tuesday’s close of public comments on Regulation Crypto Assets. The proposal would create exemptions for qualifying crypto fundraising and a conditional safe harbor for tokens tied to investment contracts.

In an Oct. 19 letter, Bitwise asked the commission to explain how investment managers should decide whether…