CFTC withdraws the 28-day 'actual delivery' guidance for cryptocurrency, removing a major barrier and paving the way for regulated leveraged products under the Commodity Exchange Act (CEA).
This move aims to move cryptocurrency transactions away from offshore exchanges, increase oversight in the United States, and normalize BTC/ETH as traditional commodities within a technology-neutral regulatory framework.
MAIN CONTENT
CFTC officially withdraws the 28-day 'actual delivery' guidance for cryptocurrency.
The old rule caused many transactions to be classified as futures contracts and subjected to strict oversight.
The CFTC is preparing new guidance/FAQs, launching a pilot using BTC, ETH, and USDC as collateral.
CFTC withdraws 'actual delivery' guidance for 28 days
The CFTC announces the withdrawal of the old guidance on 'actual delivery' regarding cryptocurrencies, directly paving the way for leveraged products regulated under the CEA and enhancing domestic oversight.
On December 11, Acting Chair Caroline D. Pham announced the withdrawal of guidance on 'actual delivery.' This was a significant technical barrier that previously constrained compliant leveraged products on federally regulated exchanges.
The new approach prioritizes practicality: integrating leveraged activities into the CEA framework, reducing dependence on offshore platforms, and increasing consistency with the agency's technology-neutral framework.
"Eliminating outdated, overly complex guidance that penalizes the crypto industry and stifles innovation is the right goal that the Administration has set this year."
– Caroline D. Pham, Acting Chair of the CFTC, CFTC
"Today's announcement shows that when decisive action is taken, meaningful progress can be made to protect Americans by expanding access to safe U.S. markets."
– Caroline D. Pham, Acting Chair of the CFTC, CFTC
How the 28-day rule created barriers
If 'actual delivery' does not occur within 28 days, the transaction is deemed a futures contract, automatically triggering the strictest regulatory requirements of the CFTC.
Issued in March 2020, the 28-day rule reflects caution in the trajectory of the cryptocurrency market. As a result, cryptocurrencies were separated from traditional commodities, subject to specialized conditions.
Practical consequence: federal exchanges like Designated Contract Markets struggle to offer competitive leveraged products for individual investors due to the burden of compliance and the overly rigid 'transfer of ownership and control' mechanism.
The withdrawal of the rule allows BTC and ETH to be treated like other commodities within a broader, technology-neutral framework of the CFTC, rather than being constrained by the difficult-to-apply definition of 'actual delivery.'
New changes will emerge
The CFTC will issue updated guidance and FAQs, while continuing to gather public input through the 'Crypto Sprint' program.
The implementation context includes a pilot program allowing the use of BTC, ETH, and USDC as collateral in the regulated derivatives market. This initiative establishes a clear framework for tokenized collateral and provides legal certainty for market participants.
At the same time, the agency removes outdated constraints that have been replaced by new legislation like the GENIUS Act. This set of changes helps create a leaner, more modern legal environment for cryptocurrency products and infrastructure.
Who will lead the CFTC next
The Senate is moving towards final confirmation votes for President Trump's CFTC and FDIC leadership nominees, paving the way for a long-term coordination framework.
Earlier this week, lawmakers voted 52–47 to schedule a final vote for a nomination group early next week. This package includes Mike Selig (CFTC head nominee) and Travis Hill (FDIC permanent chair nominee).
If confirmed, the interim phase will end, moving towards a coordinated oversight framework to bring the majority of digital asset activity into the U.S. fold.
Impact on the market and investors
The removal of the old rule is expected to promote compliant leveraged products, increase liquidity, reduce offshore dependence, and improve investor protection in U.S. markets.
For institutions, the mechanism of using BTC, ETH, and USDC as collateral in the pilot helps optimize capital and standardize risk management. For individual investors, access to leveraged products on federal exchanges can be more transparent, with clearer oversight processes and less offshore counterparty risk.
Frequently Asked Questions
What does the CFTC's withdrawal of the 'actual delivery' guidance mean?
The CFTC removes the 28-day criterion that forced many cryptocurrency transactions into futures contracts, thereby paving the way for leveraged products regulated under the CEA and increasing domestic oversight.
Why is the 28-day rule considered a barrier?
Because if full ownership/control is not transferred within 28 days, the transaction is classified as a futures contract and subject to the strictest requirements, making it difficult for federal exchanges to offer competitive products.
What does the pilot using BTC, ETH, and USDC as collateral mean?
The CFTC's pilot program creates a clear framework for tokenized collateral in the regulated derivatives market, enhancing legal certainty and capital efficiency for participants.
Source: https://tintucbitcoin.com/cftc-huy-luat-28-ngay-crypto-reset/
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