U.S. CFTC withdraws virtual asset 'actual delivery' guidance..."Doesn't match reality"

The U.S. Commodity Futures Trading Commission (CFTC) has officially withdrawn its existing guidance that defined the standards for the actual delivery (the act of actually transferring ownership or possession of goods to the counterparty) of virtual assets (cryptocurrencies). The decision was made on the view that past rules no longer matched reality and had been hindering industry innovation as the virtual asset market has rapidly matured.

On the 12th (local time), Caroline Pham, Acting Chair of the CFTC, said, "Removing old and overly complex guidance is precisely the key task the administration has pursued this year." She added, "This action is an important step in helping U.S. investors access a safer regulated market."

The withdrawn guidance set the conditions for purchases of virtual assets using leverage·margin to be recognized as 'actual delivery,' with the core provision that the buyer must obtain full ownership and control of the asset within 28 days.

The rule was created during the early formation of the virtual asset market, when regulators treated virtual assets separately from traditional commodities. However, the industry has consistently criticized it as an artificial standard that does not match reality.

Pham said, "This action is a follow-up step to implement the recommendations of the President's Working Group on the Digital Asset Market (PWG)," and "We plan to consider publishing updated guidance or FAQs in the future if necessary."

She added, "We will continue to solicit industry input through the 'Crypto Sprint' program," and "Clear and modernized regulation must be in place so that industry innovation is not stifled. This action is significant in improving access to a safe digital asset market in the United States."