# CFTC Letter No. 25-41: Withdrawal of CFTC Staff Advisory 20-34 on Accepting Virtual Currencies from Customers into Segregation > Federal · Agency guidance · In force URL: https://www.frixlaw.com/law-library/statutes/CFTC_L25_41 ## Section - **Citation:** CFTC Letter No. 25-41 - **Heading:** Withdrawal of CFTC Staff Advisory 20-34 on Accepting Virtual Currencies from Customers into Segregation - **Jurisdiction:** Federal - **Kind:** Agency guidance - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** CFTC Staff Letters (2008-present) / Withdrawal of CFTC Staff Advisory 20-34 on Accepting Virtual Currencies from Customers into Segregation. ## Text 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. 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