"Acting CFTC Chairman Caroline D. Pham said the agency is withdrawing its years-old guidance on the "actual delivery" of virtual currencies, a document that had shaped how firms could custody and settle digital asset transactions since 2020. The decision clears a path for new guidance that reflects the rise of tokenized markets, recent legislation and the CFTC's growing oversight of spot crypto trading."
"The withdrawn advisory outlined the conditions under which virtual currency could be considered "delivered" in retail commodity transactions. The framework was drafted in an era when regulated digital asset infrastructure was limited and focused on Bitcoin custody and settlement. Since then, Congress passed the GENIUS Act, the CFTC opened the door to regulated spot trading, and tokenization has become a core focus across major financial institutions. Staff now views the 2020 advisory as out of step with current market realities."
The CFTC is withdrawing its 2020 guidance on the "actual delivery" of virtual currencies to make way for updated guidance reflecting current market structures. The withdrawal acknowledges the rise of tokenized markets, recent legislation such as the GENIUS Act, and increased CFTC oversight of spot crypto trading. The 2020 advisory had been crafted when digital asset infrastructure was limited and centered on Bitcoin custody and settlement. The removal advances implementation of recommendations from the President's Working Group on Digital Asset Markets and follows other measures aimed at bringing more crypto activity under federal supervision, including a derivatives collateral pilot with reporting and risk-management requirements.
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