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United States SEC and CFTC Extend Form PF Compliance Deadline to 01 October 2025
On 11 June 2025, the United States Securities and Exchange Commission (US SEC) and the United States Commodity Futures Trading Commission (US CFTC) jointly extended the compliance date for the amended Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers to 1 October 2025. Originally adopted on 8 February 2024 under the United States Investment Advisers Act of 1940, the amendments were set to take effect on 12 March 2025 and previously deferred to 12 June 2025. Form PF is a confidential reporting form required of US SEC-registered investment advisers to private funds, including those dual-registered with the US CFTC as commodity pool operators or commodity trading advisers. The amendments to Form PF and the associated compliance requirements primarily target traditional financial entities, such as SEC-registered investment advisers, commodity pool operators (CPOs), and commodity trading advisers (CTAs). The amendments to Form PF are amended to correct previous...
United States SEC Veteran David Saltiel to Depart on 4 July 2025 Leaving Legacy of Market Innovation and Investor Protection
On 18 June 2025, the U.S. Securities and Exchange Commission (US SEC) announced the retirement of David Saltiel, Acting Director of the Division of Trading and Markets, effective 4 July 2025. Mr. Saltiel has led the US SEC’s Division of Trading and Markets as Acting Director since December 2024.Before his current role, Mr. Saltiel served as Deputy Director of the Division since 2021 and Associate Director of the Office of Analytics and Research since 2016. Previously, he was the first Chief Economist at the Municipal Securities Rulemaking Board and held roles in both public and private sectors, driving innovation in capital markets and energy infrastructure. Mr. Saltiel holds a bachelor’s degree from Williams College and a master’s in economics from St. Antony’s College, University of Oxford. Chairman Paul S. Atkins stated: “I want to thank David for his wise counsel since I became Chairman, and he has been a critical member of the Division’s leadership team for nearly a decade,...
Monetary Authority of Singapore Publishes Clarification on Licensing Deadline for Cross-Border Digital Token Service Providers Under FSMA 2022
On 6 June 2025, the Monetary Authority of Singapore (MAS) published a media release on the scope and compliance requirements under the Singapore’s Digital Token Service Provider (DTSP) regulatory regime, under the Singapore Financial Services and Markets Act 2022 (FSMA 2022). The clarification is regarding the MAS’s response to DTSP consultation feedback along with annexures released on 30 May 2025 which cumulatively provides for licensing regime, licensing thresholds, regulatory exemptions, and enforcement timelines for DTSPs engaging in digital payment token and capital market token services in Singapore. Effective 30 June 2025, all Digital Token Service Providers that provide services exclusively to overseas customers involving either digital payment tokens or tokens representing capital market products will require a regulatory licence from the Monetary Authority of Singapore. MAS has indicated it will generally not issue licences for such cross-border models due to elevated...
Singapore Launches Licencing Regime for Digital Token Service Providers under Singapore Financial Services and Markets Act
On 30 May 2025, the Monetary Authority of Singapore (MAS) concluded its rulemaking process under the Singapore Financial Services and Markets Act 2022 (SG FSM Act) and published a complete, binding compliance framework for Digital Token Service Providers (DTSPs). The regime applies to all entities offering digital token custodial, exchange, transmission, or facilitation services in or into Singapore. This follows a two-stage consultation process that culminated in the issuance of the final “Response to Feedback Received from Consultation Paper on Proposed Regulatory Measures for Digital Token Service Providers” dated 30 May 2025. This final framework builds on MAS’ earlier consultation, first published as the “Consultation Paper on Proposed Regulatory Measures for Digital Token Service Providers under the Financial Services and Markets Act 2022” on 03 October 2024, which proposed the introduction of a licensing regime under Section 138 of the SG FSM Act, accompanied by detailed...
US SEC Appoints Brian T. Daly as Director of Investment Management Division, Effective 8 July 2025
On 13 June 2025, the United States Securities and Exchange Commission (US SEC) appointed Brian T. Daly as the Director of the US SEC’s Division of Investment Management, with his term set to commence on 8 July 2025. Mr. Daly, a prominent figure in the investment management legal and compliance sector, brings a formidable blend of private practice and fund management experience to one of the Commission’s most pivotal regulatory roles. Mr. Daly served as a partner at Akin Gump Strauss Hauer & Feld LLP in New York, where for the past four years he has advised investment advisers on regulatory compliance, fund formation, operations, trading risks, and governance matters. Before Akin, he spent nearly a decade at Schulte Roth & Zabel LLP, and earlier served in senior in-house legal roles, including as Chief Legal and Compliance Officer at Millennium Partners, Kepos Capital, and Raptor Capital Management. Mr. Daly’s academic credentials include a J.D. from Stanford Law School, where...
US SEC Appoints Jamie Selway as Director of Trading and Markets, Effective 17 June 2025
On 13 June 2025, the United States Securities and Exchange Commission (US SEC) appointed Jamie Selway as the new Director of the Division of Trading and Markets, with effect from 17 June 2025.
US SEC Appoints Kurt Hohl as Chief Accountant Effective 7 July 2025
On 13 June 2025, the United States Securities and Exchange Commission (US SEC) appointed Kurt Hohl as the new Chief Accountant, with his term commencing on 7 July 2025. Mr. Hohl brings nearly four decades of global accounting and auditing experience, and is returning to the US SEC after a distinguished private and public sector career. Acting Chief Accountant Ryan Wolfe will resume his previous position as Chief Accountant in the Division of Enforcement. Mr. Hohl was most recently the founder of Corallium Advisors, where he advised businesses on auditing, regulatory compliance, IPO preparedness, and risk oversight. He previously spent 26 years as a partner at Ernst & Young (EY), ultimately serving as Global Deputy Vice-Chair of EY’s Global Assurance Professional Practice, where he managed a team of over 1,400 professionals focused on technical, regulatory, and risk standards across the firm. Mr. Hohl served at the US SEC between 1989 and 1997, rising to the role of Associate...
US SEC Appoints Erik Hotmire as Chief External Affairs Officer and Director of Public Affairs, Effective 16 June 2025
On 13 June 2025, the United States Securities and Exchange Commission (US SEC) appointed Erik Hotmire as Chief External Affairs Officer and Director of the Office of Public Affairs, effective 16 June 2025. He was previously Senior Advisor and spokesman to US SEC Chairman Christopher Cox and also advised the US SEC’s Division of Enforcement. During the George W. Bush Administration, he served as Special Assistant to the President and White House domestic policy spokesman. In the private sector, Mr. Hotmire held senior leadership positions at global communications advisory firms, including as partner and co-founder of Watermark Strategies, global co-lead of financial institutions at Brunswick Group, senior managing director at Teneo, and partner at FGS Global. He began his career in radio and television journalism and holds a B.A. in political science from Taylor University. Welcoming Mr. Hotmire back to the agency, US SEC Chairman Paul S. Atkins stated: “I am delighted that Erik is...
US SEC Director of Investment Management Natasha Vij Greiner to Step Down on 4 July 2025 After 23 Years of Public Service
On 10 June 2025, the United States Securities and Exchange Commission (US SEC) published a statement announcing the retirement of Natasha Vij Greiner, Director of the Division of Investment Management, who will conclude her tenure effective 4 July 2025, ending a 23-year career in US federal securities regulation and market oversight. Natasha Vij Greiner was appointed Director in March 2024 and has held leadership roles across four major US SEC divisions i.e. Investment Management, Enforcement, Examinations, and Trading and Markets. She began her career at US SEC as a broker-dealer examiner in the then Office of Compliance Inspections and Examinations (OCIE). She has also received the Chairman’s Award for Excellence in both 2015 and 2018, and the Chairman’s Award for Serving the Interests of Main Street Investors in 2019. SEC Chairman Paul S. Atkins praised Greiner’s tenure, stating: “Natasha’s steadfast leadership and strong judgment have been invaluable assets to the SEC throughout...
US SEC Opens Proceedings on Grayscale Polkadot Trust (DOT) ETF Listing Under Nasdaq Rule 5711(d)
On 10 June 2025, the United States Securities and Exchange Commission (US SEC) issued an order instituting proceedings to determine whether to approve or disapprove a proposed rule change submitted by The Nasdaq Stock Market LLC. The proposal seeks to list and trade shares of the Grayscale Polkadot Trust (DOT) under Nasdaq Rule 5711(d), which governs the listing of commodity-based trust shares. The order has been issued under file number SR-NASDAQ-2025-019. The proposed rule change was initially filed on 24 February 2025, in accordance with Section 19(b)(1) of the United States Securities Exchange Act of 1934 and United States Rule 19b-4. It was published for comment in the Federal Register on 13 March 2025. On 24 April 2025, the US SEC extended its review period and has now formally commenced proceedings under Section 19(b)(2)(B) of the Act to further evaluate the rule change. According to the filing, the Grayscale Polkadot Trust (DOT) is designed to reflect the value of the DOT...
US SEC Institutes Proceedings to Consider Approval or Disapproval of Canary HBAR ETF Listing on Nasdaq Under Rule 5711(d)
On 10 June 2025, the United States Securities and Exchange Commission (US SEC) published an order instituting proceedings to determine whether to approve or disapprove a proposed rule change, as modified by Amendment No. 1, submitted by The Nasdaq Stock Market LLC for the listing and trading of the Canary HBAR ETF under Nasdaq Rule 5711(d), which governs commodity-based trust shares. The rule change is filed under docket number SR-NASDAQ-2025-018. The original proposal was filed on 21 February 2025 pursuant to Section 19(b)(1) of the United States Securities Exchange Act of 1934 and United States Rule 19b-4. On 4 March 2025, Nasdaq submitted Amendment No. 1, which replaced the original filing in full. The proposal was published in the Federal Register on 13 March 2025. On 24 April 2025, the US SEC extended its decision-making timeline, and through this order, formally commenced proceedings under Section 19(b)(2)(B) of the Act. According to the modified proposal, the Canary HBAR ETF...
US SEC Opens Proceedings on Bitwise Bitcoin and Ethereum ETF Listing Proposal Under NYSE Arca Rule 8.201-E
On 10 June 2025, the United States Securities and Exchange Commission (US SEC) issued an order instituting proceedings to determine whether to approve or disapprove a proposed rule change filed by NYSE Arca, Inc. The proposed change seeks to list and trade shares of the Bitwise Bitcoin and Ethereum ETF under NYSE Arca Rule 8.201-E, which governs commodity-based trust shares. The proposal was filed on 19 February 2025 pursuant to Section 19(b)(1) of the United States Securities Exchange Act of 1934 and United States SEC Rule 19b-4. It was published for comment in the Federal Register on 12 March 2025. On 24 April 2025, the US SEC extended the initial decision period to 10 June 2025. With the latest order dated 10 June 2025, the US SEC has initiated formal proceedings under Section 19(b)(2)(B) of the United States Securities Exchange Act of 1934 to enable further analysis of the rule change. The initiation of proceedings does not signal any conclusion regarding the merits of the...
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