Overview
- Acting Chair Caroline Pham formally withdrew the CFTC’s 2020 advisory on “actual delivery” of virtual currencies, citing five years of changes in how spot crypto markets operate.
- The step removes the 28‑day delivery expectation that had limited leveraged and margin products on crypto spot platforms, creating interim flexibility until replacement guidance is issued.
- The decision is part of a broader Crypto Sprint that includes pilots allowing Bitcoin and other tokens to be used as collateral in regulated derivatives markets and updated parameters for futures commission merchants.
- The CFTC has opened pathways for federally supervised spot trading, with Bitnomial preparing to offer spot alongside derivatives under CFTC oversight, according to recent agency communications.
- Pham also named 12 executives to a new CEO Innovation Council—including leaders from CME, ICE, Nasdaq, Cboe, Kraken, Gemini, Polymarket and Kalshi—to advise on tokenization, 24/7 trading, perpetuals and prediction markets as permanent chair nominee Mike Selig awaits Senate confirmation.