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Bitwise and Hyperliquid request the SEC to amend cryptocurrency regulations: focusing on token classification, airdrops, and secondary market trading

The asset management company Bitwise Asset Management and the Hyperliquid Policy Center submitted a comment letter to the U.S. Securities and Exchange Commission (SEC), requesting modifications to the proposed cryptocurrency rules to clarify token classification, airdrops, and secondary market trading rules. The SEC's proposed Regulation Crypto Assets would establish exemptions for eligible cryptocurrency financing and provide a conditional safe harbor for tokens related to investment contracts.Bitwise requested clarification on the standards for investment managers to determine whether tokens are subject to securities laws. The Hyperliquid Policy Center called for an expansion of the safe harbor scope and clarification of the rules for airdrops and token buybacks that reward network participants. The organization also requested that the SEC clarify whether unregistered intermediaries can facilitate token trading and whether tokens can be freely traded through on-chain protocols. Former SEC enforcement official John Reed Stark and Duke University finance scholar Lee Reiners called for the proposal to be withdrawn, arguing that it exceeds the SEC's statutory authority and undermines investor protection. The SEC will decide to amend, adopt, or withdraw the rules after the public comment period ends, and the final rules must be voted on by the commission before taking effect.

first_img Bitcoin yield platform HoneyB has completed a $5 million seed round financing, with a valuation of $30 million

The developer of the Bitcoin yield platform HoneyB, Nectar Group, has completed a $5 million seed round financing, led by Portal Ventures, with participation from Peer Venture Partners, Anchorage Digital Ventures, an unnamed family office, and angel investors. Co-founder and CEO Josh Gordon stated that this round of financing uses a Simple Agreement for Future Equity (SAFE) plus a one-to-one token warrant structure, with a post-investment valuation of $30 million, and none of the investors received board seats or advisory positions.HoneyB aims to help Bitcoin holders earn yields on their holdings. In its first strategy, users borrow stablecoins using Bitcoin as collateral and then invest them in yield strategies involving U.S. Treasuries, fixed income, credit, gold, volatility, and options. The Bitcoin collateral can be held through on-chain smart contracts or by a tripartite arrangement consisting of borrowers, lenders, and custodians, with Anchorage Digital and BitGo providing custody services. HoneyB has also deployed infrastructure on Ethereum, Sui, Solana, and Arch Network. Gordon stated that the underlying investment products target an annualized return of about 10%, and HoneyB aims to provide users with an annualized return of about 2% to 4% on their Bitcoin holdings after deducting borrowing costs and fees.The first strategy will use a fund under Simplify Asset Management, which manages approximately $13.5 billion in assets, with Alphaledger responsible for managing and tokenizing the fund, and Amber Capital SPC as the issuer. Gordon named Bitwise, Lombard, Solv, and Sentora as competing platforms, noting that HoneyB's differentiation lies in integrating custody, lending, and investment services on the same platform, allowing institutional partners to offer their products under their own brand. HoneyB plans to launch in the fourth quarter of 2026, with its first product aimed at institutional investors outside the U.S., followed by plans to launch institutional products in the U.S. and retail products expected in the first quarter of 2027. Its business model involves charging a platform fee on deployed funds, and this round of funding will be used for product development, custody and financing integration, legal compliance, and distribution. Nectar was established in October last year and currently has more than 12 employees.

first_img Animoca co-founder Yat Siu warned about the trust risks of AI trading agents

According to Cointelegraph, Yat Siu, co-founder of Animoca Brands, pointed out that the crypto industry is gradually evolving into a "digital Wall Street," deviating from its original mission of decentralized finance. He believes that to bring the next billion users on-chain, the industry needs a new solution, rather than just relying on tokenization or new wallets. Siu emphasized that only AI agents capable of independently holding user keys and interacting with the blockchain can truly achieve autonomous control of user assets.Siu questioned the current AI agent platforms on the market, particularly Meta's Muse. He noted that Meta's terms of service allow it to "remove user agents at any time and for any reason," which constitutes a significant trust flaw. He believes that personal agents relied upon by users should not be owned and controlled by centralized platforms. Animoca is building the MINDS agent, a multi-agent orchestration system designed to provide user autonomy and support various communication channels and AI model choices.Siu estimates that currently only about 10% of crypto asset holders are truly on-chain, and he believes that AI agents will be a key factor in changing this ratio. He further pointed out that since AI agents use code as their native language, their capabilities in handling complex security issues will surpass those of ordinary users, providing a new perspective for the secure development of the crypto field.
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