{"id":19925,"date":"2025-03-31T17:47:07","date_gmt":"2025-03-31T17:47:07","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=19925"},"modified":"2025-03-31T17:47:07","modified_gmt":"2025-03-31T17:47:07","slug":"u-s-cftc-withdraws-2-crypto-staff-advisories-citing-market-growth-and-maturity-need-for-fair-treatment","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=19925","title":{"rendered":"U.S CFTC Withdraws 2 Crypto Staff Advisories Citing \u2018Market Growth and Maturity,\u2019 Need for Fair Treatment"},"content":{"rendered":"
\n

The U.S. Commodity Futures Trading Commission (CFTC) withdrew two pieces of crypto-related staff guidance on Friday, further streamlining its approach to crypto regulation.<\/p>\n<\/p>\n

The first advisory rescinded on Friday was Staff Advisory No. 18-14, Advisory with Respect to Virtual Currency Derivative Product Listings. Originally published in May 2018, the advisory established guidelines for crypto-related derivatives, including requiring reporting firms to maintain \u201cclose coordination with [the] CFTC surveillance group\u201d and establishing a large trader reporting threshold of five bitcoins (or the equivalent value for other cryptocurrencies), among other suggestions. On Friday, the CFTC published a letter saying that \u201cadditional staff experience\u201d and \u201cincreasing market growth\u201d had rendered the guidance unnecessary.<\/p>\n<\/p>\n

The second advisory, Staff Advisory No. 23-07, Review of Risks Associated with Expansion of DCO Clearing of Digital Assets, from May 2023, \u201cemphasize[d] compliance\u201d with CFTC regulations due to the \u201chieghtened cyber and other operational risks that may be associated with digital assets.\u201d This guidance was withdrawn for another reason \u2014\u00a0to clearly treat crypto-related derivatives and their issuers fairly, the CFTC suggested. In a separate letter on Friday, the CFTC said it was rescinding Staff Advisory No. 23-07 \u201cto ensure that it does not suggest that its regulatory treatment of digital asset derivatives will vary from its treatment of other products.\u201d<\/p>\n<\/p>\n

The CFTC\u2019s sister regulatory agency, the U.S. Securities and Exchange Commission (SEC), has overhauled its approach to crypto regulation since President Donald Trump took office in January. Under the new leadership of Acting Chair Mark Uyeda, the SEC has created a Crypto Task Force that has spearheaded its transformation, engaging with the industry and backing down from a host of lawsuits and investigations into crypto companies that began under the leadership of former Chair Gary Gensler.<\/p>\n<\/p>\n

Though the SEC\u2019s rapid transformation may be flashier, the CFTC is currently undergoing a transformation of its own, streamlining its regulatory strategy as part of Acting Chair Caroline Pham\u2019s plan for the agency \u201cget back to the basics.\u201d In addition to the two pieces of dropped crypto-related guidance, the agency has rescinded other non-crypto-related staff advisories and overhauled its enforcement division, slashing a multitude of specialized enforcement teams down to just two, pledging that a simplified enforcement division would be more efficient and \u201cstop regulation by enforcement.\u201d<\/p>\n<\/p>\n

Liz Davis, a Washington, D.C.-based partner at Davis Wright Tremaine LLP and a former chief trial attorney in the CFTC\u2019s Division of Enforcement, told CoinDesk she sees the two pieces of rescinded crypto guidance as in line with Pham\u2019s \u201cback to basics\u201d approach to running the agency.<\/p>\n<\/p>\n

But Davis also suggested that the changes could be tied to a larger restructuring going on at the CFTC.<\/p>\n<\/p>\n

\u201cThey\u2019re probably undergoing a reorganization with everything that’s going on with [the Department of Government Efficiency (DOGE)],\u201d Davis said, adding that Pham\u2019s ongoing efforts to \u201ccentralize\u201d the CFTC\u2019s operations could help facilitate a reorganization.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The U.S. Commodity Futures Trading Commission (CFTC) withdrew two pieces of crypto-related staff guidance on Friday, further streamlining its approach to crypto regulation. The first advisory rescinded on Friday was Staff Advisory No. 18-14, Advisory with Respect to Virtual Currency Derivative Product Listings. Originally published in May 2018, the advisory established guidelines for crypto-related derivatives, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-19925","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/19925","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19925"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/19925\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}