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SEC Postpones Ratification of Digital Asset Definition in Fund Reporting Regulations

Cointime Official

May 4 (Cointime) - US securities regulator is currently postponing the ratification of the definition of "digital assets" in regulations that govern reporting disclosures for hedge and private equity funds.

On May 3, the U.S. Securities and Exchange Commission (SEC) released amendments to Form PF, which is a form completed by SEC-registered funds to reveal fundamental information about their funds.

"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", SEC wrote in the form.

Source: https://www.sec.gov/rules/final/2023/ia-6297.pdf

  In an August 2022 proposal, the SEC proposed changes that included a definition for digital assets. This marked the first time that the SEC had attempted to define "digital assets," and if the proposal had been implemented, it would have become the official definition. The proposed definition described digital assets as assets that are issued or transferred using distributed ledger or blockchain technology, and included terms commonly associated with digital assets, such as "virtual currencies," "coins," and "tokens."

"They proposed it in the proposal but chose to NOT include in final rule. So still no definition at all in Sec rules or law of what “crypto” is or “digital assets”.",  SEC alum Anne Kelley further explained in a tweet.

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