CFTC Discontinues 2020 Guidance on Actual Delivery for Virtual Currencies
In a significant move, the Commodity Futures Trading Commission (CFTC) has discontinued its 2020 guidance regarding “actual delivery” for retail transactions involving virtual currencies on December 11, 2025. This guideline was essential in determining whether certain crypto trades fell under regulations akin to futures contracts. Acting Chairman Caroline D. Pham indicated that the decision to withdraw the guidance was driven by the evolving landscape of crypto markets, which has rendered the previous framework both outdated and unnecessarily complicated.
Broader Initiative and Future Guidelines
The agency’s announcement is part of a broader initiative related to the federal digital asset policy recommendations, suggesting that the CFTC may look into issuing revised guidelines or frequently asked questions in the future. This effort aligns with their ongoing engagement with the public through initiatives like the Crypto Sprint.
Understanding Actual Delivery
Understanding “actual delivery” is crucial, as U.S. law treats certain leveraged or margined retail commodity transactions as futures contracts unless they meet the conditions for the actual delivery exemption. This exemption allows transactions to bypass futures regulations when delivery is made within a specified timeframe.
In March 2020, the CFTC had established clear criteria to assess whether actual delivery had taken place, which included factors such as the customer’s control over the complete amount purchased and the extent to which sellers retained any residual interests or controls that could hinder delivery. The recent withdrawal of this guidance signifies a shift in approach, although it does not eliminate the existing legal framework that highlights “actual delivery” as a critical factor in differentiating specific retail crypto offerings from futures contracts.
