The SEC submitted disclosure rules for digital assets and funds to the White House, proposing to introduce an innovation exemption mechanism.

The U.S. Securities and Exchange Commission (SEC) has submitted two proposed rules to the White House Office of Management and Budget, concerning disclosure requirements for the digital asset industry and hedge funds and private equity funds, respectively. The digital asset proposal includes an "innovation exemption" mechanism, allowing relevant companies to be exempt from registering as regulated entities such as brokers or exchanges for a certain period. The other rule adjusts Form PF, used for disclosing fund performance and risk. Furthermore, SEC Chairman Paul Atkins had previously postponed the effective date of the new Form PF rules to October 1st, stating that he would explore ways to reduce the disclosure burden. (Bloomberg)