SEC removes proposed definition of 'digital assets' from its final hedge fund rules
The U.S. SEC has deleted its proposed definition of “digital assets” from the final Form PF rules.Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block.No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.The U.S. Securities and Exchange Commission has deleted its once-proposed definition of"digital assets" from its final hedge fund reporting rules.
"We proposed adding 'digital assets' as a new term to the Form PF Glossary of Terms. The Commission and staff are continuing to consider this term and are not adopting 'digital assets' as part of this rule at this time,"Form PF rules pertain to investment advisers who manage private funds with assets over a certain threshold.
Notably, last month, the SEC said it would revisit its definition of an"exchange" to possibly include decentralized finance . "Make no mistake: many crypto trading platforms already come under the current definition of an exchange and thus have an existing duty to comply with the securities laws," SEC Chairman Gary Gensler said at the time."Yet these platforms are acting as if they have a choice to comply with our laws. They don't."
The SEC, under Gensler's leadership, has been actively pursuing legal action against crypto companies.
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