CFTC withdraws advisory on digital asset clearing rules
In a notable shift in cryptocurrency regulation, the U.S. Commodity Futures Trading Commission (CFTC) announced on March 28 that its Division of Clearing and Risk (DCR) has officially withdrawn Staff Advisory No. 23-07.
Staff Advisory No. 23-07, originally published in May 2023, outlined heightened regulatory expectations for derivatives clearing organizations (DCOs) seeking to expand into the digital asset sector, according to Bitcoin.com News.
The withdrawal took immediate effect and was accompanied by an official statement explaining the rationale behind the decision. According to the CFTC, the DCR concluded that maintaining the advisory could create the impression that digital asset derivatives are being regulated differently from other financial products—an impression the agency aims to avoid.
Industry response and key provisions of the withdrawn document
Initially, Staff Advisory No. 23-07 sparked concern in the crypto industry by signaling stricter oversight for DCOs entering digital asset markets. The document placed particular emphasis on risk management areas such as cybersecurity, system safeguards, conflicts of interest, and operational procedures for physically settled crypto contracts.
Under the rescinded guidance, DCOs were expected to develop tailored risk mitigation strategies for digital products and were warned that reliance on affiliated entities and shared infrastructure would be closely scrutinized. Some market participants criticized the provisions as overly burdensome and potentially stifling to innovation.
While the CFTC has withdrawn this standalone directive, the agency reaffirmed its commitment to applying consistent regulatory standards across all market segments. As noted in the statement, the agency’s goal remains to ensure safe, sound, and competitive clearing systems—for both traditional and digital assets.
Regulatory easing and crypto industry outlook
This move is part of a broader trend of regulatory softening in the U.S. approach to crypto oversight. Recently, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) also rescinded prior requirements that obligated banks to obtain specific approvals to engage in crypto-related activities.
Together, these developments reflect a growing willingness among U.S. regulators to support responsible innovation in the digital asset space. Industry stakeholders have welcomed the changes as a step toward creating a more level playing field and expanding participation in crypto markets.
Previously, U.S. President Donald Trump made the decision to appoint Brian Quintenz from Andreessen Horowitz as Chairman of the Commodity Futures Trading Commission. During Trump’s first term as president, Quintenz served as a CFTC commissioner and played an active role in launching the first fully regulated futures contracts for Bitcoin and Ethereum, as well as contributing to the development of the DeFi sector.
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