Lo and behold, the venerable Commodity Futures Trading Commission (CFTC), in a move reminiscent of a great novelist revising his magnum opus, has seen fit to revoke an advisory that once demanded a rigorous examination of new virtual asset derivatives. These, dear reader, are the financial instruments that dance upon the ever-shifting sands of underlying cryptocurrency, allowing speculators to gamble on price movements without the burden of direct ownership.
In a statement that could rival the complexity of a Tolstoyan plot twist, the regulatory agency declared that its Division of Market Oversight (DMO) and Division of Clearing and Risk (DCR) have, with immediate effect, consigned CFTC Staff Advisory No.18-14 to the annals of history. This advisory, once deemed crucial for the listing of derivative contracts on a designated contract market (DCM) or swap execution facility (SEF), or for clearing by a derivatives clearing organization (DCO), has been deemed obsolete.
Cast your mind back to May21st,2018, when the DMO and the DCR, in a display of bureaucratic fervor, issued the advisory, citing the capricious nature of crypto markets as justification for CFTC scrutiny. They highlighted key areas requiring attention, such as enhanced market surveillance, coordination with CFTC staff, large trader reporting, outreach to stakeholders, and DCO risk management, with the gravity of a Russian novel.
Fast forward to March27th, when the CFTC, with a flourish of penmanship, announced the withdrawal of the advisory. The agency, with a nod to the evolution of thought since2018, declared the guidance to be as outdated as a carriage in the age of the automobile, given their increased experience with virtual currency derivative product listings and the burgeoning maturity of the market.
“DMO and DCR determined that the advisory is no longer needed given additional staff experience with virtual currency derivative product listings and increasing market growth and maturity.” 🎉
Title: Crypto Chaos: CFTC’s Advisory Vanishes Like a Ghost 😱
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2025-03-31 23:02