White House reviewing SEC proposal for digital asset 'innovation exemption'

The U.S. Securities and Exchange Commission (SEC) has submitted two proposed rules to the White House for review, one concerning digital assets and another on disclosures for hedge funds and private equity funds, Bloomberg reported. The proposals are currently under review by the White House Office of Management and Budget (OMB). In a speech last week, SEC Chairman Paul Atkins previewed a broad digital asset proposal. The plan is expected to include an "Innovation Exemption" clause, which would allow digital asset firms to operate for a period without registering as regulated entities like brokers or exchanges.