The US CFTC has withdrawn its 2020 guidance focusing on the "physical settlement" of digital assets.
PANews reported on December 12th that, according to The Block, Acting Chair Caroline Pham of the U.S. Commodity Futures Trading Commission (CFTC) stated that the agency is withdrawing "outdated and overly complex guidance" related to the delivery of digital assets. On Thursday, Pham said the agency would withdraw its 2020 guidance under the Dodd-Frank Act, a federal law passed in 2010 to address the 2008 financial crisis. The guidance focused on the "physical delivery" of digital assets.
Pham stated that this is part of recommendations in the President's Task Force on Digital Asset Markets report. This summer, the White House released a lengthy report on cryptocurrencies, addressing illicit finance and taxation issues, and recommending granting the Commodity Futures Trading Commission (CFTC) regulatory powers over digital assets. "Today's announcement demonstrates that tangible progress can be made, protecting the interests of Americans, by taking decisive action to facilitate safe access to U.S. markets," Pham said on Thursday.
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