The White House is currently reviewing proposals from both the SEC and CFTC that would overhaul reporting requirements for swaps and security-based swaps. The review, being conducted through the Office of Information and Regulatory Affairs (OIRA), signals that the executive branch is taking a direct interest in how derivatives markets are regulated.

What’s actually on the table

In April 2026, the SEC and CFTC jointly proposed amendments to Form PF, the confidential reporting form used by private fund advisers. The proposed changes are significant. The threshold for smaller advisers would jump from $150 million to $1 billion in assets under management. For large hedge funds, the bar moves from $1.5 billion to $10 billion.

The practical impact is substantial. Nearly half of current Form PF filers would be exempt from reporting under the proposed thresholds. But here’s the thing: regulators say the changes would still preserve visibility into over 90% of gross assets held by private funds.

The broader regulatory context

In December 2025, the CFTC finalized new rules governing swap dealer business conduct and documentation requirements. Those rules were designed to better align the CFTC’s regulatory approach with the SEC’s, reducing the kind of jurisdictional confusion that has long frustrated market participants.

Compliance relief for market participants has been extended until November 2029. That extension allows firms to follow CFTC swap reporting regulations when dealing with security-based swaps, rather than having to maintain separate compliance frameworks for each agency’s rules.

What this means for investors

For market participants, the proposed changes create a genuinely mixed outlook. If smaller fund advisers are freed from Form PF reporting, they can redirect those resources toward actual investment activity. Reducing reporting from nearly half of current filers means regulators will have less granular data on a significant chunk of the market.

As of late May 2026, specific details about the swaps reporting proposal have not been disclosed, with limited coverage from mainstream financial outlets. The OIRA review process can take months, and the proposals could be modified, delayed, or sent back to the agencies for revision.

For crypto markets specifically, the research notes no significant market announcements or expert comments have emerged from this review that could impact digital asset or token markets. The CFTC has been increasingly assertive about its jurisdiction over certain crypto derivatives, and the question of which agency gets primary jurisdiction over various types of derivatives, including those linked to digital assets, remains unresolved.