Letters dated October 19 from Bitwise Asset Management and Hyperliquid Policy Center set out different requests for how crypto issuers should explain a transition out of an investment contract under the SEC’s proposed Regulation Crypto Assets. The divide concerns Form TR, a proposed transition report, and who should see the analysis behind it.
In its letter, Bitwise asks the SEC to require supporting analysis that outsiders can evaluate. The asset manager says a certification stating only a conclusion would be unusable for firms that assess tokens they did not issue. It wants issuers to identify their managerial promises, the source and date of each, and facts showing when those efforts were completed or permanently ceased. It also requests details about continuing activities, related parties and established public communication channels.
Hyperliquid Policy Center’s letter asks for certification without supporting analysis in the public filing. If the SEC requires that analysis, the advocacy organization proposes confidential submission to agency staff through a protected process. It argues that a mandatory public account of founders’ and contributors’ statements could provide a roadmap for litigation.
The practical distinction is access to the reasoning behind a certification. Bitwise’s requested approach would give outside asset managers a record to examine. The policy center’s approach would allow that supporting analysis to remain outside the public filing. Its request concerns the analysis, rather than eliminating Form TR itself.
The SEC identifies the framework as a proposed rule, issued on August 18. The letters are recommendations on that proposal, not adopted requirements or agency decisions about any particular token.