[Federal Register Volume 90, Number 239 (Tuesday, December 16, 2025)]
[Rules and Regulations]
[Page 58149]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-22872]
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COMMODITY FUTURES TRADING COMMISSION
17 CFR Chapter I
[3038-AF64]
Withdrawal of Interpretive Guidance: Retail Commodity
Transactions Involving Certain Digital Assets
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice of withdrawal of Commission interpretive guidance.
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SUMMARY: The Commodity Futures Trading Commission (the ``Commission''
or ``CFTC'') is withdrawing the final interpretative guidance published
on June 24, 2020, titled ``Retail Commodity Transactions Involving
Certain Digital Assets.''
DATES: The Commission is withdrawing the final interpretive guidance
published at 85 FR 37734 (June 24, 2020) as of December 10, 2025.
FOR FURTHER INFORMATION CONTACT: Rahul Varma, Acting Director, (202)
418-5353, [email protected], Division of Market Oversight, Commodity
Futures Trading Commission, Three Lafayette Centre, 1155 21st Street
NW, Washington, DC 20581.
SUPPLEMENTARY INFORMATION:
I. Background
On June 24, 2020, the Commission published in the Federal Register
final interpretive guidance concerning the term ``actual delivery'' as
set forth in the Commodity Exchange Act (``CEA'') \1\ pursuant to the
Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-
Frank Act'').\2\ Specifically, the final interpretive guidance was
issued to inform the public of the Commission's views when determining
whether actual delivery has occurred in the context of retail commodity
transactions in certain types of digital assets that serve as a medium
of exchange, colloquially known as ``virtual currencies'' (the ``Final
VC Actual Delivery Guidance'').\3\
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\1\ 7 U.S.C. 1 et seq.
\2\ Retail Commodity Transactions Involving Certain Digital
Assets, 85 FR 37734 (June 24, 2020).
\3\ Id. at 37741-37743.
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II. Withdrawal of Final Interpretive Guidance
The Commission has determined to withdraw the Final VC Actual
Delivery Guidance in order to reevaluate such guidance in light of
further developments during the past five years in the means and
methods deployed in the spot market for the purchase and sale of
virtual currencies and the derivatives markets connected to such spot
market. The Commission has further determined that withdrawal is
appropriate based on the findings and recommendations for the CFTC
contained in the report of the President's Working Group on Digital
Asset Markets, Strengthening American Leadership in Digital Financial
Technology,\4\ established by Executive Order 14178.\5\ After careful
review, the Commission believes that the Final VC Actual Delivery
Guidance is likely outdated and thus provides limited value to market
participants and, further, may conflict with the ongoing work of the
Commission necessary to implement the President's Working Group's
recommendations.
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\4\ President's Working Group report on Strengthening American
Leadership in Digital Financial Technology at 141, available at:
https://www.whitehouse.gov/crypto/.
\5\ Executive Order 14178, Strengthening American Leadership in
Digital Financial Technology, 90 FR 8647 sections 1, 4 (Jan. 31,
2025).
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III. Executive Order 12866
The Office of Management and Budget has determined that this action
is not a significant regulatory action as defined in Executive Order
12866, as amended, and therefore it was not subject to Executive Order
12866 review.
Pursuant to the Congressional Review Act,\6\ the Office of
Information and Regulatory Affairs has designated this rule as not a
``major rule,'' as defined by 5 U.S.C. 804(2).
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\6\ 5 U.S.C. 801 et seq.
Issued in Washington, DC, on December 11, 2025, by the
Commission.
Christopher Kirkpatrick,
Secretary of the Commission.
Note: The following appendix will not appear in the Code of
Federal Regulations.
Appendix to Withdrawal of Interpretive Guidance: Retail Commodity
Transactions Involving Certain Digital Assets--Commission Voting
Summary
On this matter, Acting Chairman Pham voted in the affirmative. No
Commissioner voted in the negative.
[FR Doc. 2025-22872 Filed 12-15-25; 8:45 am]
BILLING CODE 6351-01-P