US SEC submits digital asset and fund disclosure rules to the White House to introduce innovation exemption mechanism

On March 23, it was reported that the U.S. Securities and Exchange Commission had submitted two proposed rules to the White House Office of Management and Budget, covering information disclosure requirements for the digital asset industry and hedge funds and private equity funds. Among them, the digital asset proposal includes an "innovation exemption" mechanism that allows relevant companies to be exempted from registration as regulated entities such as brokers or exchanges for a certain period of time. Another rule adjusts FormPF, which is used to disclose fund performance and risk. In addition, SEC Chairman Paul Atkins has previously postponed the entry into force of FormPF-related new regulations to October 1 and said he will explore ways to reduce the disclosure burden.