CFTC and SEC Propose Including Cryptocurrencies in Form PF Reporting: What You Need to Know
The regulatory landscape for cryptocurrencies is evolving rapidly. In a significant development, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) are proposing amendments to Form PF to include cryptocurrency exposure, aiming to enhance oversight of the growing digital asset market. These changes will have a notable impact on hedge funds and investment advisors.
Understanding the Proposed Amendments to Form PF
As of 2 de sept. de 2025, both the Commodity Futures Trading Commission and the Securities and Exchange Commission [SEC] of the US are proposing amendments to Form PF, a key document for registered investment advisers. These Under the new amendments, hedge funds that have at least $500 million in assets must report their cryptocurrency exposure via Form PF. The report must also include specific details about their crypto holdings and strategies. This initiative is designed to provide regulators with a more comprehensive understanding of the risks associated with cryptocurrency investments within the private fund sector.
The amendment to amend Form PF (.9) will be handled “largely as proposed”, with the final rule expanding the reporting requirements for certain SEC-registered investment advisers to private funds that are also involved in crypto assets. The goal is to increase transparency and allow regulators to identify potential systemic risks.
Key Dates and Comment Period
The proposed rule was published to the Federal Register on 1 de sept. de 2025, initiating a 40-day comment period for the amendments to Form PF. Stakeholders are encouraged to provide feedback to shape the final regulations. The SEC adopted new rules and amendments under the Advisers Act in Aug, modifying existing regulatory requirements and creating new compliance obligations. Stay informed and engage with the regulatory process.
Collaboration and Future Regulation
The SEC and CFTC are discussing collaboration to regulate the crypto sector, especially amid leadership changes. A proposal for the Joint CFTC-SEC Advisory Committee’s revival is underway. 8 de feb. de 2025, the Commodity Futures Trading Commission approved a final rule that amends Form PF concurrently with the Securities and Exchange Commission. These amendments, concurrently adopted by the CFTC, are designed to enhance the ability of the Financial Stability Oversight Council (FSOC) to monitor and assess financial stability risks.
Impact on Hedge Funds and Investment Advisors
These proposed amendments represent a significant shift in the regulatory approach to cryptocurrencies. Hedge funds and investment advisors with substantial crypto exposure will need to adapt their reporting practices to comply with the new requirements. This increased scrutiny is expected to promote greater market stability and protect investors.