in early May TerraUSD (UST) and LUNA collapse and the aftermath cryptocurrency platforms’ liquidity problems and bankruptcy prompted regulatory agencies in the USA.
US Securities and Exchange Commission (SEC) with Commodity Futures Trading Commission (CFTC) voted to propose a common rule that would require major hedge funds to report their cryptocurrency exposure.
This rule is for hedge funds. “Form PF” It imposes an obligation to notify through a confidential filing called
This common rule actually envisages amendments to “Form PF”, a confidential filing created after the financial crisis in 2008.
Under the 2008 rule, hedge funds with net assets of more than $500 million were reporting their cryptocurrency exposures according to Form PF, a confidential filing.
SEC In his blog post, he said:
“The rule proposed by the CFTC in partnership with the SEC is designed to enhance the Financial Stability Oversight Council (FSOC)’s ability to assess systemic risk, support the SEC’s regulatory oversight, and bring transparency around it.”
SEC Chairman Gary Gensler said in a statement that the proposed rule would expand reporting requirements for large hedge funds with a net worth of at least $500 million.
Between SEC and CFTC cryptocurrencies There is disagreement over which agency will oversee.
But in the US, the Senate Agriculture Committee, which oversees the CFTC, introduced a bill in early August that would give the CFTC “exclusive jurisdiction” over transactions in cryptocurrencies, which it considers should be subject to commodity law.
According to this draft Bitcoin (BTC) and Ethereum (ETH) They were called “digital commodities” under the CFTC’s oversight.
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