U.S. CFTC's Pham Moves for Do-Over on 'Actual Delivery' Guidance on Crypto

• One of the leading U.S. regulators for crypto activity, the Commodity Futures Trading Commission, has scrapped its earlier definition for how assets change hands in a crypto commodities transaction.
• Acting Chairman Caroline Pham said the earlier guidance on "actual delivery" was withdrawn as part of President Donald Trump's efforts to create friendly crypto policies.

U.S. Commodity Futures Trading Commission Acting Chairman Caroline Pham has moved again to advance President Donald Trump's crypto agenda by eliminating old guidance on "actual delivery" of crypto commodities that she suggested might get in the way of the next steps.

“Eliminating outdated and overly complex guidance that penalizes the crypto industry and stifles innovation is exactly what the administration has set out to do this year,” said Pham in a Thursday statement.

The guidance, established in 2020 during Trump's first term, had sought to define "actual delivery" of assets during a crypto commodity transaction — a key concept under the Commodity Exchange Act. Law firm Steptoe had sought formal guidance from the CFTC defining the term as it applied to digital assets as far back as 2016. But the President's Working Group report on the administration's digital assets agenda earlier this year recommended that the CFTC should "consider expanding upon prior guidance on 'actual delivery' of virtual assets."

The CFTC needed to cut the original document "in order to reevaluate such guidance in light of further developments during the past 5 years in the means and methods deployed in the spot market for the purchase and sale of virtual currencies," it noted in the withdrawal notice.

Pham has driven a rapid series of crypto policy moves at the agency in the past couple of weeks, even as Trump's nominee to permanently replace her, Mike Selig, is heading toward a potential confirmation as soon as next week.

Read More: The CFTC Just Defined What 'Actual Delivery' of Crypto Should Look Like

• As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
• GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
• Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.

• The Depository Trust & Clearing Corp. said on Thursday that a subsidiary received a no-action letter from the U.S. SEC on offerings of tokenized real-world assets.
• The letter implicitly grants approval for the offering of certain tokenized stocks on approved blockchains for three years.
• The authorization applies to the constituents of the Russell 1000 index and exchange-traded funds tracking major indexes and U.S. Treasuries.

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