U.S. CFTC withdraws virtual asset 'actual delivery' guidance..."Does not match reality"

The U.S. Commodity Futures Trading Commission (CFTC) has officially withdrawn its existing guidance that defined the 'actual delivery' standard for virtual assets (cryptocurrencies) (the act of actually transferring ownership or possession of goods to another party). The move was based on the judgment that, as the virtual asset market has rapidly matured, the old rules no longer match reality and have hindered industry innovation.

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

The withdrawn guidance had set the conditions for purchases of virtual assets using leverage and margin to be recognized as 'actual delivery,' with the core requirement that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

This rule was created during the early formation period 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.

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

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