Retroactive airdrops might actually have a legal advantage under the SEC’s new crypto framework because the key difference is whether users were promised something before they acted. If a protocol announces a points season and tells people to trade, provide liquidity or complete certain tasks in order to qualify for a future token, there is a much clearer link between the user’s activity and the expected reward. That makes Hyperliquid s3 pretty interesting. If Jeff wanted to reward users again, there may actually be a regulatory incentive to never announce a s3 at all. No points page, no farming campaign and no explicit promise of future tokens. They could simply keep tracking organic activity and reward users retroactively later like they did during hidden seasons back then. So the fact that there is no S3 announcement does not necessarily mean there will be no S3 rewards. Hyperliquid
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