On March 19, 2025, the U.S. Securities and Exchange Commission (SEC) issued new FAQs concerning the definition of 'performance' under the Marketing Rule (Rule 206(4)-1) of the U.S. Investment Advisers Act. This update is expected to offer relief for investment managers by clarifying the presentation of net extracted performance. The SEC's Marketing Rule updates have garnered attention from various legal and financial experts, including former SEC board member Paul Atkins, who is in the process of being confirmed as the new SEC Chair. His potential leadership is anticipated to restore trust within the digital asset industry. The latest updates and interpretations from the SEC are significant for fund managers and investment advisors navigating the evolving regulatory landscape.