TLDR:

• The HFIA Act was enacted on December 18, 2025, mandating SEC action within 90 days of enactment.
  
• FPI directors and officers must file Section 16 reports electronically and in English by March 18, 2026.
  
• The SEC removed the blanket Section 16 exemption, replacing it with narrower short-swing and short-selling carve-outs.
  
• Ten percent beneficial owners of FPI equity securities are excluded from the new Section 16(a) reporting rules.

The HFIA Act has prompted the Securities and Exchange Commission to adopt final rule and form amendments under Section 16 of the Securities Exchange Act of 1934.

These changes require directors and officers of foreign private issuers to disclose their holdings and transactions in equity securities.

The rules take effect on March 18, 2026. This move follows the enactment of the Holding Foreign Insiders Accountable Act on December 18, 2025, bringing greater transparency to FPI insider activity.

SEC Revises Section 16 Rules for Foreign Private Issuers

The HFIA Act amended Section 16(a) of the Exchange Act to expand reporting requirements. Directors and officers of FPIs with equity securities registered under Section 12 are now subject to these rules.

However, the law excludes “10 percent holders” who beneficially own more than 10 percent of any class of FPI equity securities.

Under the revised rules, covered insiders must file Section 16 reports electronically and in English. This requirement marks a clear shift from prior exemptions that FPI insiders previously enjoyed.

As a result, the reporting process becomes more standardized and accessible to U.S. investors.

The SEC amended Rule 3a12-3(b) to remove the existing blanket exemption from Section 16 entirely. In its place, the rule now provides narrower exemptions. These cover only the Section 16(b) short-swing profit rules and the Section 16(c) short selling prohibition.

Additionally, Rule 16a-2 was updated to formally exclude 10 percent holders of FPI equity securities from Section 16(a) requirements.

This exclusion ensures that minority beneficial owners are not swept into the new reporting framework. The change also aligns the rule text with the statutory language of the HFIA Act itself.

Reporting Deadlines and Compliance Timeline Under the HFIA Act

The HFIA Act set a firm deadline for the SEC to act. The Commission was required to issue final regulations no later than 90 days after the December 18, 2025 enactment date. The SEC met that mandate by adopting these amendments ahead of the March 18, 2026 effective date.

Directors and officers of qualifying FPIs must begin filing Section 16 reports starting March 18, 2026. This date serves as both the statutory effective date and the compliance start point.

Covered insiders should therefore prepare their disclosure systems well before that deadline.

The rule changes also revise the relevant Section 16 report forms to reflect the new requirements. These form updates ensure that the reporting structure matches the amended statutory framework. Moreover, they provide clarity on what information FPI insiders must include in each filing.

The SEC’s action brings FPI insiders closer in line with domestic reporting standards. This regulatory alignment gives investors better visibility into the trading activity of foreign company insiders. It also strengthens the overall integrity of U.S. equity markets.

VET, HBAR, DOGE trade below $0.1 with neutral RSI as tax refund season sparks speculative March flows as cryptocurrencies continue to plummet.

As Bitcoin (BTC) faces resistance and major cryptocurrencies trade within established ranges, several low-priced digital assets are drawing attention from traders seeking potential gains in March, according to market analysis.

The cryptocurrency market is experiencing volatility following a difficult 2026, with the U.S. Internal Revenue Service’s tax refund season potentially creating buying pressure for lower-priced tokens, market observers noted.

VeChain (VET), despite underperforming in 2026, has been implementing a network upgrade since late 2025. The blockchain project faces a March 15 deadline for legacy node migration, which stems from the StarGate upgrade to its staking system. The asset’s relative strength index indicates neither overbought nor oversold conditions, according to technical analysis. Market participants are monitoring support and resistance levels around the migration deadline.

Hedera (HBAR) has reduced its year-to-date losses following a decline in early February and is currently trading near key price levels. The platform has positioned itself in real-world asset tokenization and recently announced that FedEx joined the Hedera Council. Technical analysts identified current price levels as critical thresholds, with movement below support potentially signaling further declines, while a break above resistance could indicate upward momentum.

Dogecoin (DOGE), the largest meme coin by market capitalization, has experienced significant volatility in 2026 alongside broader market trends. The approaching tax refund season could generate buying activity as some investors receive additional funds, market watchers suggested. Analysts noted that Dogecoin’s performance in March may depend on the price action of larger cryptocurrencies including Bitcoin and Ethereum, with stability in those assets potentially supporting interest in more volatile tokens.

All three cryptocurrencies are currently trading below $0.10, according to market data.

Solana’s SOL (SOL) is down 72% from its all-time high of $295 and well below the $188 level seen during its spot exchange-traded funds (ETFs) launch in October 2025. Since early December 2025, spot SOL ETF inflows have slowed while the price retraced sharply over four months. 

At the same time, Solana’s onchain volumes and revenue metrics continue to rank higher against competitors, raising questions on whether SOL’s longer-term price prospects tilt toward a return to its all-time high.

SOL ETF resilience aligns with network use

Spot SOL ETFs launched in late October 2025, drawing over $100 million in average net inflows during their first five weeks. Since December 2025, the weekly inflows have decreased, averaging $20 million to $25 million as SOL price slid to $86 in February 2026.

Across the four-month drawdown, the cumulative outflows total just $11.3 million over two weeks. Spot Bitcoin (BTC) and Ether (ETH) ETFs, by comparison, have logged four consecutive months of negative flows in the same period.

Solana’s network activity tells a different story than its price. Over the past 30 days, Solana processed $108 billion in decentralized exchange (DEX) volume, ahead of Ethereum’s $63.7 billion and Base’s $31.48 billion. Volumes in January reached $117 billion, exceeding those in December and November for the chain as well. The weekly averages since January 2025 have hovered near $20 billion to $25 billion.

In the last 24 hours, Solana generated $3.1 million in app revenue versus Ethereum’s $2.95 million. Active addresses stood at 2.17 million against 682,236, while chain fees reached $722,706 compared to Ethereum’s $356,438.

Solana’s RWA sector has also climbed to an all-time high of $1.71 billion, up 45% in 30 days, but Ether holds $15 billion of the $25.37 billion distributed asset value in that industry. 

Related: ETH’s next big move depends on daily close above $2.1K: Data

SOL support cluster and valuation gap

Crypto trader Scient noted two macro areas that may shape a potential bottom. The first is the 0.75 Fibonacci retracement zone of $60 to $70, a level associated with deeper pullbacks within larger uptrends.

The second is a weekly demand fair value gap (FVG) between $22 and $29, an area of prior liquidity imbalance that preceded the explosive rally to $200 from $25.

For now, the structure remains capped as the price holds below the weekly resistance of $120.

On the weekly chart, SOL has already tested the demand zone of $51 to $80, aligning with that retracement pocket, and may head for a recovery from its current price.

UTXO Realized Price Distribution (URPD) data adds context. Over 6% of the supply last moved within the current price cluster, creating a dense cost basis zone. The next significant concentration, above 3% of supply, sits between $20 and $30.

From a valuation standpoint, SOL is near a realized supply cluster, while the ETF positioning has not unwound, and DEX turnover leads other chains despite its lower total value locked (TVL). 

The price compression alongside consistent capital inflows and rising network use reveals a measurable gap between activity and valuation.

Whether that gap resolves through SOL’s price action depends on how the $51 to $80 level and the $120 resistance level interact with these factors over the coming months.

Related: Solana leads crypto recovery with 10% gain: Is $100 SOL price next?