White House OMB Reviews SEC Draft Rules on Crypto "Innovation Exemption" and Private Fund Disclosures

PANews, March 23 — Bloomberg reported that the U.S. Securities and Exchange Commission has sent two draft proposals to the White House Office of Management and Budget for review. One proposal targets regulatory exemptions for digital assets, while the other focuses on disclosure requirements for hedge funds and private equity funds. SEC Chair Paul Atkins said the digital-asset package would create an "innovation exemption," allowing eligible firms to operate for a limited period without registering as brokers, exchanges, or other regulated entities. The private-funds proposal could revise Form PF, weighing the supervisory value of the reported data against the compliance burden on investment managers. The SEC previously pushed back the effective date of expanded Form PF disclosures backed by former Chair Gary Gensler to October 1.