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SEC submits major crypto regulation proposal to the White House
Two important regulatory proposals closely related to cryptocurrencies and U.S. financial markets have been submitted to the White House for review. The two separate proposals, prepared by the U.S. Securities and Exchange Commission (SEC), address reporting obligations for digital assets and hedge funds/private investment firms and are currently undergoing an official review process.
According to a statement published on a U.S. government website, these initiatives are under review by the White House Office of Management and Budget (OMB). The proposals, submitted on March 20, were made public today.
SEC Chairman Paul Atkins last week shared details of a comprehensive digital asset regulatory plan. According to the plan, the new framework will include a long-awaited “innovation exemption” for crypto companies. This exemption would allow firms dealing with digital assets to operate for a certain period without registering as brokers, exchanges, or other regulated financial institutions.
On the other hand, the second amendment could pave the way for significant changes to Form PF, which hedge funds, private investment firms, and other private funds use to report performance and risk. Atkins previously stated that current reporting requirements create an “undue burden” on investment managers and has instructed efforts to reduce this burden.
In this context, the SEC has also delayed the effective date of new Form PF rules introduced under former Chairman Gary Gensler. It was announced that the new rules will not take effect until October 1. The changes introduced during Gensler’s tenure included additional reporting requirements on large margin exposures and counterparty risks following the collapse of Archegos Capital Management in 2021.
See also: "NYSE removes limits on Bitcoin and Ether ETF options after SEC approval"
