CFTC's Acting Chair Caroline D. Pham Withdraws 2020 Crypto Actual Delivery Guidance
Caroline D. Pham, acting chair of the U.S. Commodity Futures Trading Commission (CFTC), has withdrawn the 2020 guidance that defined actual delivery in crypto commodity transactions. The 2020 guidance clarified the point at which assets change hands under the Commodity Exchange Act in virtual asset transactions.
The decision to retract this document is part of an effort to advance President Donald Trump’s crypto policy agenda toward friendlier regulation. Earlier in the year, the President’s Working Group recommended that the CFTC consider expanding prior guidance on the actual delivery of virtual assets.
The CFTC stated that it needed to cut the original document to reevaluate the guidance in light of five years of developments in the spot market for virtual currencies. This move comes as Pham pursues a rapid series of crypto policy actions nearing the conclusion of her tenure.
Additionally, Mike Selig, Trump’s nominee to permanently replace Pham as CFTC chair, could be confirmed as soon as next week.
