On October 1, 2025, the NFA submitted a proposal to the CFTC to repeal NFA Interpretive Notice 9073, “Disclosure Requirements for NFA Members Engaging in Virtual Currency Activities,” and amend NFA Compliance Rule 2-51 to broaden its scope.
The NFA Board of Directors unanimously approved the proposals on August 21, 2025.
Why the Change?
The rule submission letter clarifies that the 2018-adopted Interpretative Notice will be repealed because it is outdated. The Interpretative Notice requires futures commission merchants, introducing brokers, commodity pool operations (CPOs), and commodity trading advisors (CTAs) engaged in spot digital commodity activities to disclose that the NFA has limited authority over such transactions. However, this disclosure conflicts with NFA Compliance Rule 2-51, adopted in 2023, which expanded the NFA’s disciplinary authority over fraudulent activity involving spot Bitcoin and Ether.
The Interpretative Notice repeal does not eliminate the obligation for CPOs and CTAs to disclose risks associated with digital commodity transactions. The NFA indicated that it will likely propose updated disclosure requirements.
Proposed Amendments to Rule 2-51
The NFA also approved changes to broaden the scope of NFA Compliance Rule 2-51 (currently limited to Bitcoin and Ether). Under the revised rule, any digital asset commodity with a related commodity interest product certified by a registered entity or approved by the CFTC for listing under Part 40 would fall within the rule’s scope. References to Interpretive Notice 9073 will be removed.
Effective Date
The “ten-day” provision of Section 17(j) of the Commodity Exchange Act allows an NFA rule proposal to become effective ten days after the proposal is received by the CFTC, unless the CFTC determines to review the proposal. The NFA submitted the rule proposal with the CFTC on October 1st and released the rule submission alert on its website on October 17th. However, due to the U.S. Government shutdown, it is unlikely that the rule will become effective within the ten-day period after submission. This appears to be confirmed also from the Rule Submission List on the NFA website, where no effective date is provided in the link to the October 1, 2025, Rule Submission. As usual, the NFA will release a notification on its website when the new rule becomes effective.
ACA Can Help
As the regulatory landscape for digital assets continues to evolve, firms must stay ahead of shifting compliance requirements. ACA’s Regulatory Advisory team is here to help you navigate the implications of the NFA’s proposed changes.
We offer:
- Strategic guidance on interpreting and implementing Rule 2-51 amendments.
- Compliance assessments for digital asset activities, including fraud risk mitigation.
- Training and education for internal teams on emerging digital asset regulations.
Our deep expertise in digital asset regulation ensures your firm remains informed, compliant, and prepared. Contact us to learn how ACA can support your digital asset compliance strategy.