Acting CFTC Chair Caroline Pham Withdraws 2020 Crypto 'Actual Delivery' Guidance
Acting Commodity Futures Trading Commission (CFTC) Chair Caroline Pham has withdrawn the 2020 guidance that defined “actual delivery” for crypto assets in commodity transactions.
This guidance, originally issued under the Commodity Exchange Act, delineated how assets change hands in crypto commodity transactions. The withdrawal is framed as advancing President Trump's crypto agenda and fostering a friendlier regulatory environment for cryptocurrency.
The decision to rescind the guidance cites the need to reevaluate it in light of substantial changes in spot market mechanics for virtual currencies over the past five years. This move follows recommendations from the President's Working Group to consider expanding the prior guidance on 'actual delivery' of virtual assets.
Notably, the law firm Steptoe had advocated for formal guidance on 'actual delivery' as early as 2016.
Pham has also pursued multiple crypto policy initiatives in recent weeks as Mike Selig, President Trump's nominee to permanently lead the CFTC, moves closer to confirmation.
