Withdrawal of CFTC Staff Advisory 20-34 on Accepting Virtual Currencies from Customers into Segregation.

Summary: Withdrawal of CFTC Staff Advisory 20-34 on Accepting Virtual Currencies from Customers into Segregation.

CFTC Letter No. 25-41 Advisories December 08, 2025

U.S. COMMODITY FUTURES TRADING COMMISSION

Three Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581

www.cftc.gov

Market Participants

Division

Thomas J. Smith

Acting Director

Re:

Withdrawal of CFTC Staff Advisory 20-34 on Accepting Virtual Currencies from

Customers into Segregation

The Market Participants Division (“MPD”) of the Commodity Futures Trading Commission

(“CFTC”) hereby withdraws CFTC Staff Advisory No. 20-34 – Accepting Virtual Currencies from

Customers into Segregation (“Advisory”)1 in its entirety.

On October 21, 2020, MPD issued the Advisory to provide futures commission merchants

(“FCMs”) with guidance regarding capital and segregation of customer funds requirements

associated with the acceptance and holding of customer virtual currency assets. The Advisory also

provided FCMs with guidance on practices to consider in developing and maintaining risk

management programs when holding virtual currency as customer funds.2

In the intervening years since the issuance of the Advisory, there have been substantial

developments with respect to digital assets and the use of tokenized collateral, including

stablecoins in the derivatives markets. In September of this year, the CFTC launched an initiative

for the use of tokenized collateral including stablecoins in derivatives markets, with a public

comment period that recently ended.3 In addition, the Guiding and Establishing National

Innovation in U.S. Stablecoins Act (“GENIUS Act”) was signed into law on July 18, 2025.4 The

GENIUS Act establishes a regulatory framework for payment stablecoins. These developments

have resulted in the Advisory becoming outdated and no longer relevant. Accordingly, MPD has

determined to withdraw the Advisory, effective immediately

nded.3 In addition, the Guiding and Establishing National

Innovation in U.S. Stablecoins Act (“GENIUS Act”) was signed into law on July 18, 2025.4 The

GENIUS Act establishes a regulatory framework for payment stablecoins. These developments

have resulted in the Advisory becoming outdated and no longer relevant. Accordingly, MPD has

determined to withdraw the Advisory, effective immediately.

1 CFTC Staff Advisory 20-34, Accepting Virtual Currencies from Customers into Segregation (October 21, 2020),

available at https://www.cftc.gov/csl/20-34/download.

2 Advisory at 1.

3 CFTC, Acting Chairman Pham Launches Tokenized Collateral and Stablecoins Initiative (Sept. 23, 2025),

available at: https://www.cftc.gov/PressRoom/PressReleases/9130-25.

4 Guiding and Establishing National Innovation in U.S. Stablecoins Act of 2025, 12 U.S.C. 5901.

2

This letter represents only the views of MPD staff and does not necessarily represent the views

of the Commission or of any other division or office of the Commission. If you have any

questions concerning the withdrawal of the Advisory, please contact Jennifer Narvaez, Attorney-

Advisor, at jnarvaez@cftc.gov.

Sincerely,

Thomas J. Smith

Acting Director

Market Participants Division