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HAM will soon launch HAM Game World, a Metaverse 2.0 GameFi aggregation platform, to create a Web3.0 game platform that integrates SocialFi, DeFi, DAO, NFT and GameFi, building a free and open Game...
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The crypto exchange reportedly stepped in as a potential sponsor after the Champions League dropped Russian state-owned energy firm Gazprom.Cryptocurrency exchange Crypto.com has reportedly dropped...
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dYdX said on its social platform that due to excessive user participation, the activity of depositing more than $500 to get a $25 bonus has been stopped. Yesterday's news, dYdX announced that it wi...
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64 Celsius escrow account holders filed petitions in bankruptcy court, asking Celsius to return their funds outside of the proceedings. On Wednesday, the panel petitioned the New York Bankruptcy Co...
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The NFT series Fresh Fruit by Doja Cat x JBL released by Doja Cat and JBL headphones has been launched on the music NFT platform OneOf. NFT holders will have the opportunity to get front-row seats ...
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Middle Eastern cryptocurrency exchange Rain Financial has carried out a round of layoffs, although the number of layoffs was not disclosed. Rain Financial said, "We have to adjust future plans to e...
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Paul Veradittakit, a partner at Pantera Capital, said in his personal blog that now is a good time for well-capitalized crypto companies looking to expand their hiring, and Pantera Capital and its ...
2022-09-01
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Indonesia’s government will launch a crypto exchange by the end of 2022, aiming to protect consumers amid growing interest in digital currencies, said Jerry Sambuaga, Indonesia’s deputy trade minis...
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According to Dune data, in August, the transaction volume of NFT platforms was US$750 million, down about 9% from the previous month, of which the transaction volume on OpenSea was US$496 million a...
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According to Tokenview data, Tether has officially frozen 16 USDT addresses since August, with a total amount of 18.98 million USDT.
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Binance Connect, a payment infrastructure provider backed by Binance, announced a new partnership with crypto wallet SafePal, according to an official Binance announcement. Users in SafePal will be...
2022-09-01
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DAO Decentral Bank, which issued NEAR's native stable currency USN, announced the launch of an incentive plan of 1 million USN to stimulate the development of NEAR and Aurora ecological DeFi. The d...
2022-09-01

CFTC and SEC open comments for proposal to amend crypto reporting rules for large hedge funds

Issuing time:2022-09-02 12:12

The public was invited to comment on whether the regulators should use the term “crypto asset” instead of “digital asset" in proposed changes to Form PF.


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The United States Securities and Exchange Commission, or SEC, and the Commodity Futures Trading Commission, or CFTC, have called for comments on a proposal which would require large advisers to certain hedge funds to report exposure to crypto.

In a joint proposed rule published to the Federal Register on Sept. 1, the SEC and CFTC established a 40-day comment period for amendments to Form PF, the confidential reporting document for certain investment advisers to private funds of at least $500 million. The proposal suggested qualifying hedge funds report exposure to crypto in a different category other than “cash and cash equivalents,” as the current iteration of Form PR does not specifically mention cryptocurrencies.

Members of the public have until Oct. 11 to submit comments regarding the proposed changes, which the two regulators first introduced on Aug. 10. At the time, the SEC and CFTC cited the growth in the hedge fund industry as the reason for the proposed change, due in part to crypto investments becoming more common since Form PF was introduced following the 2008 financial crisis.

Among the suggested changes to Form PF included a definition of “digital assets,” potentially requiring certain hedge funds to report earnings based on investments in “virtual currencies”, “coins”, or “tokens” depending on the framework. The public was invited to comment on whether the regulators should use the term “crypto asset” instead of “digital asset.”

“We view these terms as synonymous,” said the proposal. “We are proposing the term and definition to be consistent with the SEC's recent statement on digital assets, and we believe that such term and definition would provide a consistent understanding of the type of assets we intend to address.”