CFTC Withdraws 2 Crypto Advisories to Simplify Regulation
On Friday, the U.S. Commodity Futures Trading Commission (CFTC) made a decision to withdraw two pieces of crypto-related staff guidance.
This decision is part of the CFTC’s effort to simplify how it regulates cryptocurrency and make its rules easier to follow. The two pieces of guidance were about crypto-related derivatives, which are financial products based on cryptocurrencies, according to the statement.
The first advisory, Staff Advisory No. 18-14, was introduced in May 2018. It laid out rules for how crypto derivatives should be handled. This included guidelines for firms to work closely with the CFTC’s surveillance group and set a reporting threshold for large traders who own five bitcoins or more.
However, the CFTC said that…
