U.S. CFTC Withdraws Two Crypto Staff Advisories to Streamline Regulations
The U.S. Commodity Futures Trading Commission (CFTC) has withdrawn two crypto-related staff advisories, aiming to streamline its regulatory framework:
- Staff Advisory No. 18-14, regarding virtual currency derivative product listings, was rescinded due to evolving market conditions and unnecessary guidelines.
- Staff Advisory No. 23-07, focused on risks associated with digital asset clearing, was withdrawn to ensure equitable treatment of crypto derivatives relative to other products.
The CFTC is transforming under Acting Chair Caroline Pham, reducing complexities in enforcement and eliminating non-essential advisories. This aligns with a broader reorganization initiative within the agency.
The SEC also revises its crypto regulations, led by Acting Chair Mark Uyeda, establishing a Crypto Task Force to engage with the industry and reassess ongoing investigations.