The public comment period on the SEC’s proposed Regulation Crypto Assets closed on Tuesday, 20 October. Two of the filings pull in different directions. The Hyperliquid Policy Center wants tokens sold under the rule to trade the moment they are issued. AIMA, the hedge fund industry group, wants protection for investment funds that hold and resell them.

For a holder, the trading point is the one to watch. If the final rule leaves secondary trading unclear, tokens raised under its exemptions could launch without a clear legal route onto exchanges. Nothing changes yet. This is still a proposal, and the SEC has not adopted a final rule.

What the SEC Proposed in August

The SEC issued the proposal on 18 August, and it was published in the…