ChainCatcher report, according to Bloomberg, the White House is reviewing early proposals from the U.S. SEC and CFTC to reconsider reporting requirements for swaps and security-based swaps, currently in the pre-rule stage. Both regulators plan to solicit public comments before finalizing regulatory details. Current U.S. reporting rules for swaps and security-based swaps are inconsistent, and certain existing compliance exemptions are set to expire in 2029. Last month, the International Swaps and Derivatives Association and the Securities Industry and Financial Markets Association jointly sent a letter urging regulators to unify data reporting standards for both products, with ICE Trade Vault LLC making a similar request. The CFTC stated that this effort is being conducted jointly by both agencies; the SEC Chair has already assigned personnel to develop a unified reporting framework at a March industry meeting, and the new rules will require two rounds of agency votes and public comment periods before implementation.
The White House Reviews Early Proposals on Swap Reporting Rules by the SEC and CFTC
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Summary
The White House is reviewing early swap reporting proposals from the SEC and CFTC to address inconsistent rules for swaps and security-based swaps. Current exemptions will expire in 2029, prompting industry groups such as ISDA and SIFMA to call for unified data standards. ICE Trade Vault also supports this initiative. The SEC and CFTC are collaborating, with the SEC assigning staff in March to develop a unified system. The process will include two agency votes and public comment periods. The changes could affect liquidity and crypto markets, as well as broader risk-on assets.
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