In brief
From February to March 2026, US regulators took several significant actions affecting financial markets, alternative asset managers, and digital asset participants. The US Securities and Exchange Commission (SEC) adopted final rules implementing the Holding Foreign Insiders Accountable Act (HFIA), requiring directors and officers of foreign private issuers to begin filing Section 16 reports electronically. The SEC also proposed amendments to narrow Exchange Act Rule 15c2-11 to equity securities and published new capital raising and security‑based swap dealers (SBSD) financial condition data through the SEC’s Division of Economic and Risk Analysis (DERA).
The SEC and the Commodity Futures Trading Commission (CFTC) jointly issued a major interpretation clarifying how securities laws apply to crypto assets, outlining a new token taxonomy and providing cross-agency alignment. The CFTC separately issued no-action relief for a noncustodial wallet interface, as well as new FAQs refining guidance on the use of crypto assets as collateral for futures commission merchants (FCMs), derivatives clearing organizations (DCOs), and swap dealers.
The Department of Labor (DOL) has issued a proposed rule in response to President Trump’s Executive Order Democratizing Access to Alternative Assets for 401(k) Investors.
These developments reflect continued regulatory focus on transparency, market integrity, and clearer oversight of digital asset activities, while also highlighting the need for market participants to update compliance processes, reporting workflows, and product classifications.