The acting chair of the U.S. Commodity Futures Trading Commission (CFTC), Caroline Pham, has rescinded the "outdated guidance" on the delivery of crypto assets, a move welcomed for providing more flexibility to exchanges.
On Thursday, Caroline Pham stated, "Eliminating outdated and overly complex guidance that punishes the crypto industry and stifles innovation is exactly what the government aims to do this year."
The CFTC indicated in a statement that it must "reassess the guidance in light of further developments over the past five years." This guidance was initially finalized in March 2020 and pertains to when "actual delivery" of crypto assets occurs in commodity trading.
Under Caroline Pham's leadership, the CFTC has been pushing for a more crypto-friendly approach. Caroline Pham noted that the guidance was withdrawn at the recommendation of the Presidential Working Group on Crypto, which suggested that the CFTC issue guidance on how crypto assets are viewed as commodities and expand upon previous guidance regarding the actual delivery of virtual assets.
Katherine Kirkpatrick Bos, Chief Legal Officer at StarkWare, praised the move, stating that the guidance made it more difficult for exchanges to offer margin or leverage unless actual delivery occurred within 28 days.
She remarked, "This provides more flexibility for exchanges. But a reminder—this is not law! Just guidance. All of this could change again with a change in leadership."
The CFTC can issue guidance to clarify its interpretation of legislation and provide references on how it enforces in specific situations; however, such guidance typically does not carry the same legal weight as formal regulation.
Garry Krugljakow, Head of Bitcoin Strategy at Berlin-based Bitcoin financial company aifinyo AG, speculated in a post on X on Thursday that this is a "significant signal" indicating future developments.
He stated, "This move conveys two signals: a cleaner delineation of jurisdiction for the CFTC and a regulatory path designed for scaling rather than hesitation."
Garry Krugljakow added, "Actual delivery made sense in 2020. But in a world of real custody, collateralization, and credit backed by Bitcoin, it becomes unreasonable."
Meanwhile, Todd Phillips, a researcher at the U.S. think tank Roosevelt Institute, emphasized the importance of defining actual delivery, "because it determines which exchanges need to register with the CFTC and which do not."
"The CFTC has replaced the previous guidance with a blank slate," he said. "Now, we don't know how the CFTC views actual delivery or who must register."
Related: Poland Submits Rejected Crypto Bill Again, Content Almost Unchanged
Original article: “CFTC Withdraws 'Actual Delivery' Crypto Guidance, Providing Flexibility for Exchanges”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
