Private Fund Rules: The SEC is reportedly gearing up to introduce a rule package aimed at bringing greater transparency and competition to the private-funds industry,  specifically targeting  private-equity and hedge fund firms. According to SEC Chairman Gary Gensler, the proposed rules would help protect consumers by increasing transparency of quarterly statements and annual audits, as well as prohibit preferential terms for certain investors and increase liability exposure for the firms for any potential mismanagement or negligence. Private-funds industry observers have noted that the sector has been pushing back against these proposed rules, fearing that they will lead to higher costs and a slew of potential lawsuits.

Coinbase vs. SEC: Coinbase is denying reports that company CEO Brian Armstrong was told by SEC officials to remove every digital currency on the platform except Bitcoin. Armstrong was quoted earlier this week as saying the SEC believes “every asset other than Bitcoin is a security” and recounted an exchange with SEC team members where they allegedly stated that Coinbase needed “to delist every asset other than Bitcoin.” A Coinbase spokesperson stated that these comments were taken out of context and do not represent the views of the Commission.

Cboe’s New Options Contracts: Cboe announced this week their intention to introduce new options based on both their iBoxx iShares High Yield Corporate Bond Index futures offerings and iShares Investment Grade Corporate Bond Index futures. These options will bolster users’ risk management capabilities and promote more effective credit portfolio organization.

Hex Charges: The SEC charged Hex crypto founder Richard Heart with numerous counts stemming from efforts to raise more than $1 billion in unregistered cryptocurrency offerings. The agency claims that Heart’s fundraising to promote his Hex token, the PulseX asset trading platform, and PulseChain’s asset network entailed false claims about their returns to defraud investors out of a collective $12.1 million. Heart is also accused of using investor funds to buy a number of extravagant gifts, including the world’s largest black diamond and four premium Rolex watches.

Ripple Slams SEC: Ripple CEO Brad Garlinghouse criticized the SEC for using the company’s quarterly XRP Markets Report as evidence in an ongoing lawsuit against the firm. Garlinghouse stated that while the reports were initially meant to offer updates on Ripple’s XRP holdings voluntarily, they were later used against the company by the agency. According to their most recent report, Ripple’s XRP holdings increased by approximately $45 million, while the total XRP on ledger escrow decreased by nearly $1 billion due to rising demand.