The Commodity Futures Trading Commission (CFTC) has withdrawn its previous guidance on the “actual delivery” of virtual currencies, first issued in 2020.
This move reflects the rapid evolution of bitcoin markets and the agency’s intention to modernize regulatory frameworks for digital assets.
Rationale for withdrawing legacy guidance
The 2020 guidance imposed strict requirements for the delivery of digital assets, mandating that buyers obtain full control—such as custody in a personal wallet—within 28 days.
This framework was especially significant for leveraged or margined trades, but often led to confusion between spot bitcoin purchases and regulated futures contracts.
Agency aims to foster innovation
Acting CFTC Chairman Caroline D. Pham emphasized that the decision aligns with efforts to streamline regulations that could hinder innovation. She stated:
“With decisive action, real progress can be made to protect Americans by promoting access to safe US markets.”
The withdrawal supports the CFTC’s ongoing work to implement recommendations from the President’s Working Group on Digital Asset Markets, suggesting a broader reform agenda.
Next steps for digital asset oversight
The CFTC signaled that it may issue new guidance or frequently asked questions in the future, and is seeking public input through its ongoing Crypto Sprint initiative.
The move comes as regulators increasingly balance fostering market innovation with consumer protection.
