Key points from the announcement:
- The interpretive guidance discusses two primary factors demonstrating “actual delivery” of retail commodity transactions in virtual currency: 1.) full delivery to and control of the asset by the customer; and 2.) relinquishment of possession and interest by the seller.
- The CFTC’s Division of Market Oversight led the development of the final interpretive guidance, which was informed by significant stakeholder engagement (VASPs, exchanges, etc,).
- The final guidance reflects extensive insight gained by the agency through public input, advisory committee meetings, regulatory oversight of exchanges offering digital asset-based derivatives products, numerous LabCFTC and market interactions, and market surveillance.
The Commodity Futures Trading Commission today announced the Commission voted unanimously to approve final interpretive guidance concerning retail commodity transactions involving certain digital assets. Specifically, the guidance clarifies the CFTC’s views regarding the “actual delivery” exception to Section 2(c)(2)(D) of the Commodity Exchange Act (CEA) in the context of digital assets that serve as a medium of exchange, colloquially known as “virtual currencies.” “Providing clarity to market participants is one of the CFTC’s core values,” said CFTC Chairman Heath P. Tarbert.“ This interpretive guidance not only fulfills that commitment, but it reflects my belief that the U.S. must be a leader in the digital asset space.”
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