Regulatory window: The SEC’s public consultation on crypto asset regulation in the United States closes on November 3. Bitwise and the Hyperliquid Policy Center have submitted comment letters, urging clearer rules on issues such as whether tokens are subject to securities laws. The bigger things to watch are whether the next draft incorporates industry feedback, which categories will be defined first, and how this will affect exchange listings and the pace of access to the U.S. market. Don’t mistake the comment deadline for rules taking effect immediately, and don’t overlook the fact that the implementation timeline remains uncertain after the window closes.