As we begin a new year, hedge fund managers may wonder what the SEC will have in store for them in 2025 – especially with a new administration and a new SEC Chair. In addition, the repercussions from key developments in 2024, such as court decisions challenging the SEC’s authority to issue certain rules, may still be reverberating in 2025. To that end, the Hedge Fund Law Report spoke with Genna N. Garver, partner at Troutman Pepper Locke LLP, about the ongoing status of SEC rulemaking efforts that occurred in 2024 and related legal challenges; what hedge fund managers may expect from the SEC in 2025; and how CCOs can prepare for the new year. This article presents Garver’s thoughts on those topics. For additional commentary from Garver, see “SEC Risk Alert Announces Exams of Firms’ Preparations for T+1 Settlement” (May 23, 2024).