CFTC pulls ‘actual delivery’ crypto guidance, giving flexibility to exchanges
The CFTC withdrew outdated 2020 guidance on 'actual delivery' of crypto, increasing flexibility for exchanges.Summary
US Commodity Futures Trading Commission (CFTC) Acting Chairman Caroline Pham has rescinded the agency's 2020 guidance concerning when the "actual delivery" of crypto occurs in a commodity transaction. Pham stated this move eliminates overly complex guidance that stifled innovation, aligning with the Administration's goals. The guidance withdrawal was recommended by the president’s crypto working group. Industry figures applauded the decision, noting the old guidance made it difficult for exchanges to offer margin or leverage unless actual delivery occurred within 28 days. However, legal experts cautioned that guidance is not legally binding regulation and can change with new leadership. Some speculate this signals a clearer regulatory path for the CFTC, while others expressed concern that replacing the guidance with nothing creates uncertainty regarding the definition of actual delivery and registration requirements for exchanges.
(Source：Cointelegraph)