The Commodity Futures Trading Commission announced on Dec. 11, 2025 that it has withdrawn its 2020 interpretive guidance on when a crypto trade counts as “actual delivery,” a move the agency said responds to major changes in crypto markets and trading practices. According to the CFTC press release, Acting Chairman Caroline D. Pham called the guidance “outdated and overly complex” and said removing it will help promote access to safer US markets. Actual Delivery And The 28-Day Test According to the 2020 rulebook and federal filings, the CFTC’s earlier guidance treated a retail crypto trade as excluded from futures-style rules if the asset reached the buyer’s control within 28 days of the transaction — a technical standard used to decide whether a deal was a spot sale or a regulated futures-style transaction. That guidance included examples showing when transfer on a public ledger or control over a wallet would or would not count as actual delivery. The 28-day reference is rooted in the Commodity Exchange Act’s existing exceptions and was central to how many platforms structured retail offerings. More news from the CFTC! It previously published guidance the interpretation of “actual delivery” in the context of retail commodity transactions in crypto. This is imp because if a trans qualifies as AD, it is NOT regulated as a futures contract. /1 https://t.co/L2U46VRbQl — Katherine Kirkpatrick Bos (@kkirkbos) December 11, 2025 Industry Reaction And Risk Reports have disclosed that many market participants greeted the withdrawal with relief, saying it gives exchanges more room to design products and operate without a narrow staff interpretation dictating settlement timing. Some lawyers and platform staff argued the 2020 tests made it hard for venues to offer certain customer-facing services unless they met strict delivery steps. At the same time, legal observers warned that pulling the guidance without a clear replacement leaves open questions about how regulators will treat similar trades going forward, and which platforms must register as futures venues. How The Move Fits In Politically Based on reports, the action was framed as part of policy priorities under US President Donald Trump’s administration to modernize rules that affect digital asset markets. The CFTC said the change lines up with broader interagency efforts and public engagement initiatives the agency has been running this year. That framing has prompted renewed attention from exchanges, trading firms, and lawmakers who are watching for any follow-up steps. The CFTC signaled it may seek public input and consider new materials to replace the withdrawn guidance, including FAQs or fresh interpretive notes. Market operators will now weigh operational changes and legal advice as they decide whether to alter product design or customer terms. Some firms are expected to adjust custody and transfer procedures, while others may wait for clearer written standards before making big changes. Featured image from Quality Company Formations, chart from TradingView
