U.S. SEC Sends Digital-Asset and Fund-Disclosure Proposals to White House for Review

The U.S. Securities and Exchange Commission has submitted two proposed rules to the White House Office of Management and Budget for review, Bloomberg reported. One proposal focuses on disclosure requirements for the digital assets industry. It includes an "innovation exemption" that would allow eligible companies to avoid registering as regulated entities such as brokers or exchanges for a specified period. The second proposal revises Form PF, the reporting form used by hedge funds and private equity funds to disclose performance and risk information. SEC Chair Paul Atkins previously pushed the effective date of the new Form PF requirements to October 1 and said the agency will look for ways to reduce disclosure burdens.