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Bitcoin (BTC) 
$106,580 continues to experience volatile movements, now potentially declining towards $85,000. As uncertainty around tariffs remains disheartening, there are other long-term focal points for stakeholders, one of which is the legal status of airdrops. Furthermore, the SEC‘s stance will affect global regulations, making this topic relevant for everyone.
Airdrops and Legal Framework
A proposal delivered to SEC Crypto Task Force Chair Hester M. Peirce by Andreessen Horowitz (a16z) on March 13, 2025, has been made public today. This document discusses potential steps regarding crypto airdrops and incentive rewards. a16z has recommended establishing a safe harbor regime based on clear criteria to ensure that certain crypto assets, particularly airdrops and incentive-based rewards, are not classified under federal securities laws.
Defining which cryptocurrencies fall under the securities category is extremely complex under current laws. Essentially, without clear rules outlining this categorization, it is not possible to make such determinations. Therefore, the core issue lies in clarifying which altcoins will be monitored by the CFTC and which will come under the SEC’s jurisdiction.
Andreessen Horowitz (a16z) primarily seeks a framework that will support innovation and identify circumstances where registration requirements under Section 5 would be unnecessary. This would allow for the distribution of airdrops or incentive allocations that meet specific criteria without putting future projects at legal risk.
Decentralization and Need for Regulation
Airdrops and network incentive rewards are often distributed at very low costs or for free. These tokens, perceived as a fragmented key to governance, allow a broad audience to participate in decision-making related to the network while leveraging the advantages of decentralization.
So what conditions should projects meet to qualify for safe harbor rights for airdrops and token rewards addressing the need for decentralization? Here, Andreessen Horowitz (a16z) outlines five conditions and requests an evaluation from the SEC.
- Tokens must be an integral part of the network, deriving their value from the functionality of the software, not a company-controlled system.
- The network must be functional, enabling core transactions without interference.
- Fair distribution must be considered; tokens should be distributed openly to the community based on pre-established rules to avoid disappointment from surprise conditions.
- Airdrop and rewards should be given for free or at very low cost, avoiding large transaction fees that could incentivize airdrop farming.
- Transfer restrictions should be in place to prevent market manipulation through large token sales by employees, executives, and investors, necessitating the development of lock-up periods and mechanisms.
The proposals signed by Miles Jennings (General Counsel), Jai Ramaswamy (Chief Legal Officer), Scott Walker (Chief Compliance Officer), and Regulatory Chair Michele R. Korver represent a document through which a16z hopes to contribute to the SEC’s regulatory efforts.
