The White House is currently reviewing an early proposal by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to reassess reporting requirements for swaps and security-based swaps. This proposal is in the pre-rule stage, with plans to solicit public feedback before formalizing regulatory details. Currently, the reporting rules for swaps and security-based swaps in the U.S. are not aligned, and some compliance exemptions are set to expire in 2029. The International Swaps and Derivatives Association and the Securities Industry and Financial Markets Association have urged regulators to standardize data reporting standards for these products. ICE Trade Vault LLC has echoed similar requests. The CFTC has stated that this initiative is a joint effort with the SEC, and SEC Chairman has already initiated steps to establish a unified reporting system, which will require two rounds of agency voting and public consultation before implementation.