DOGE Departs the SEC
On October 30, Reuters reported that the U.S. Department of Government Efficiency (DOGE) has completed its review of the Securities and Exchange Commission and will exit the agency.
Eliezer Mishory, who led DOGE’s SEC work and was its sole representative in recent months, has concluded his role, according to sources familiar with the matter.
Salus GRC previously covered DOGE’s activity at the SEC, which led to significant headcount reductions and a restructuring of the Commission’s regional office reporting lines.
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Earlier this year, SEC Chair Paul Atkins testified before Congress that many of these vacancies would need to be filled to maintain operational efficiency and oversight capacity. Read the testimony →
Why It Matters
DOGE’s departure signals the close of an intense internal restructuring period for the SEC. The agency will now face pressure to rebuild staffing and stabilize operations ahead of an active enforcement and rulemaking cycle in 2026. Firms should expect a renewed regulatory focus on modernization and inter-agency coordination as the Commission rebalances.
Changes to Virtual Currency Disclosures: NFA Repeals Interpretive Notice 9073
On October 1, 2025, the National Futures Association (NFA) submitted a proposal to the Commodity Futures Trading Commission (CFTC) to repeal Interpretive Notice 9073, which governed disclosure requirements for NFA members engaged in virtual currency activities. The NFA invoked the “ten-day” provision under Section 17(j) of the Commodity Exchange Act, allowing the repeal to proceed automatically if the CFTC did not object within that timeframe.
At the same time, the NFA proposed amendments to Compliance Rule 2-51, broadening its scope beyond Bitcoin and Ether to include any digital asset commodity that has a related commodity interest product certified by a registered entity or approved by the CFTC for listing.
Under these amendments, NFA members may remove standardized legends in offering and marketing materials that previously outlined the limits of NFA oversight for spot market virtual currency trading.
What This Means for Members
The update streamlines compliance by linking coverage to existing CFTC-approved products rather than requiring rule amendments for each new listing. It also reflects the NFA’s intent to modernize supervision frameworks as digital asset products evolve.
Members should review all offering documents and marketing materials to ensure the removal of outdated language and confirm that their disclosure, anti-fraud, and supervisory controls remain compliant with the revised Rule 2-51.