SEC avoids digital asset definition in hedge fund regulations.

The SEC has decided not to ratify the definition of "digital assets" in its rules governing reporting disclosures for hedge and private equity funds, despite proposing a definition nine months ago. The SEC originally included a digital assets definition in an August 2022 proposal for changes to Form PF, but the regulator is holding off from adding the definition for now. The latest updates to the SEC's Form PF rules now require SEC-registered funds to report the occurrence of key events that could indicate systemic risk or harm to investors, and disclose details of their fees and expenses.