CFTC rolls back 2020 guidance focused on 'actual delivery' of digital assets

The Commodity Futures Trading Commission is withdrawing "outdated and overly complex guidance" related to the delivery of digital assets, according to the agency's acting Chair Caroline Pham.

On Thursday, Pham said the agency would be withdrawing guidance from 2020 in accordance with the Dodd-Frank Act — a federal law passed in 2010 as a response to the 2008 financial crisis. The guidance was focused on the "actual delivery" of digital assets.

Pham said it was part of recommendations made in the President's Working Group on Digital Assets Markets report. Over the summer, the White House released a lengthy crypto report touching on illicit finance and taxes, as well as making recommendations on granting the CFTC authority to regulate digital assets.

"Today's announcement shows that with decisive action, real progress can be made to protect Americans by promoting access to safe U.S. markets," Pham said Thursday.

Under Pham's leadership, the CFTC has taken several steps over the past year since Donald Trump came into office to be more friendly toward crypto, including launching the "Crypto Sprint" to focus on clarifying rules for crypto. Last week, Pham announced that Bitnomial had become the first exchange to list regulator-approved spot crypto products. On Wednesday, crypto exchange Gemini was cleared by the CFTC to begin offering classic binary event contracts.

Also of note this week, the U.S. Office of the Comptroller of the Currency confirmed that permissible national banks may engage in "riskless principal" transactions in crypto-asset transactions.