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Crypto

SEC draws over 100 comments on proposed crypto rules as airdrop provisions come under scrutiny

The U.S. Securities and Exchange Commission has received more than 100 comment letters on its proposed crypto rules and will keep accepting feedback after the deadline. The proposal would create exemptions for crypto fundraising, including a startup exemption up to $5 million over four years and a fundraising exemption up to $75 million over 12 months, and includes a safe harbor for when tokens stop being tied to investment contracts. Comments focus on airdrops, safe-harbor design, disclosure standards and an innovation exemption for on-chain trading of tokenized stocks.

Crypto

UMB discloses holdings in Franklin XRP ETF as financial firms add XRP spot ETFs

U.S. asset manager UMB Private Wealth disclosed holdings in the Franklin XRP ETF (XRPZ) in a U.S. Securities and Exchange Commission third-quarter filing. It held XRPZ worth $100,316 as of Sept. 30, although the filing does not show whether the position was proprietary or client assets. The ETF, listed by Franklin Templeton in 2025, holds XRP directly. Other institutions, including Advisornet Financial, Morgan Stanley and Goldman Sachs, also reported holdings.

Crypto

Bitwise, Hyperliquid urge U.S. SEC to clarify token and trading rules

Asset manager Bitwise and the Hyperliquid Policy Center urged the U.S. Securities and Exchange Commission to clarify rules on token classification, airdrops and secondary market trading. They said existing rules are unclear as the SEC considers its proposed crypto asset regulation, which includes exceptions for certain fundraising and a conditional safe harbor for tokens tied to investment contracts. Other commenters urged the SEC to withdraw the proposal entirely.