SEC Sends Digital Asset and Fund Disclosure Proposals to White House for Review, Floats "Innovation Exemption"

The U.S. Securities and Exchange Commission has sent two draft rules to the White House Office of Management and Budget for review, covering disclosure requirements for the digital-asset sector and for hedge funds and private-equity funds. The digital-asset proposal features an "innovation exemption" that would allow eligible firms to operate for a set period without registering as regulated entities such as brokers or exchanges. A separate proposal would revise Form PF, the filing used to report fund performance and risk metrics. SEC Chair Paul Atkins previously pushed back the effective date of the Form PF-related updates to October 1 and said the agency would look for ways to ease disclosure burdens. (Bloomberg)