CFTC刪除針對加密衍生品的額外審查的員工諮詢

Yerevan（Coinchapter.com） - 美國商品期貨交易委員會（CFTC）已刪除了員工諮詢第23-07號和第18-14號

The US Commodity Futures Trading Commission (CFTC) has removed two Staff Advisories that had focused extra scrutiny on crypto derivatives, including risks in clearing and listing these products.

美國商品期貨貿易委員會（CFTC）刪除了兩項員工諮詢，這些諮詢將重點放在加密衍生品上，包括清除和列出這些產品的風險。

Specifically, the agency’s Division of Clearing and Risk (DCR) has withdrawn Staff Advisory No. 23-07 and No. 18-14.

具體而言，該機構的清算和風險部（DCR）已撤回員工諮詢第23-07號和第18-14號。

Both directives were written to provide guidance to Derivatives Clearing Organizations (DCOs) operating in the US financial system. Staff Advisory 23-07, issued in May 2023, was titled "Digital Assets in a Clearing House Context" and outlined the risks tied to clearing digital assets.

這兩種指令均被編寫為為在美國金融系統中運營的衍生品清算組織（DCO）提供指導。 2023年5月發布的員工諮詢23-07，標題為“在清算房屋中的數字資產”，並概述了與清算數字資產相關的風險。

Meanwhile, Staff Advisory 18-14, issued in July 2018, was titled "Virtual Currency Derivatives or Products" and targeted virtual currency derivatives, calling for caution when listing them. These documents signaled tighter controls for crypto products compared to other assets.

同時，2018年7月發布的員工諮詢18-14的標題為“虛擬貨幣衍生品或產品”，並以虛擬貨幣衍生品為目標，在列出時呼籲謹慎。這些文件表明，與其他資產相比，對加密產品的控制更嚴格。

In a formal withdrawal letter, the DCR said the guidance was no longer needed and could be interpreted as unequal regulatory treatment.

DCR在正式的撤回信中說，不再需要該指南，可以解釋為不平等的監管待遇。

“The DCR is mindful that, in the aggregate, the Advisories may be read to impose a disparate regulatory standard on digital asset derivatives, whereas the same risk management principles apply to all derivatives contracts, regardless of the underlying asset, such as ETH or other digital assets, or TradFi instruments,” the letter read.

“ DCR的注意，總體上可以閱讀這些諮詢以對數字資產衍生工具施加不同的監管標準，而相同的風險管理原則適用於所有衍生品合同，無論其基礎資產，例如ETH或其他數字資產或其他數字資產或TradFi Instruments，''

CFTC Pushes for Regulatory Consistency Across Assets

CFTC推動資產之間的監管一致性

The removal of these directives reflects a shift toward regulatory consistency. As the CFTC explained, its rules for digital asset derivatives will now align with the standards already used for traditional financial products.

這些指令的去除反映了向監管一致性的轉變。正如CFTC所解釋的那樣，其數字資產衍生產品的規則現在將與已經用於傳統金融產品的標准保持一致。

This move removes the regulatory separation that previously existed between crypto derivatives and TradFi contracts. It allows market participants to follow the same framework, regardless of asset type.

此舉消除了加密衍生品和TradFI合同之間以前存在的監管分離。無論資產類型如何，它允許市場參與者遵循相同的框架。

Even though the directives were withdrawn, the CFTC instructed DCOs to continue applying risk assessments that take into account the specific risks of digital assets. The agency added that proper oversight would still be required.

即使撤回了指令，CFTC也指示DCO繼續應用風險評估，以考慮數字資產的特定風險。該機構補充說，仍然需要進行適當的監督。

“The DCR will continue to monitor DCO activities closely to ensure compliance with the Commission’s regulations and to assess whether additional guidance is appropriate,” the letter concluded.

該信總結說：“ DCR將繼續密切監視DCO活動，以確保遵守委員會的法規，並評估是否適當的指導。”

The CFTC’s decision may also encourage more financial institutions to enter the crypto derivatives market. The updated framework now places crypto derivatives within the same regulatory system as other commodities.

CFTC的決定還可能鼓勵更多的金融機構進入加密衍生品市場。更新的框架現在將加密衍生品與其他商品相同的監管系統置於同一監管系統。

By removing the earlier directives, the CFTC removed the perception that crypto markets face different standards. This step may improve participation and liquidity while keeping risk controls in place through DCOs.

通過刪除早期指令，CFTC消除了加密市場面臨不同標準的看法。此步驟可以改善參與和流動性，同時通過DCO將風險控制置於適當的位置。

However, the agency did not remove the need for due diligence. It stated that digital asset products still require custom risk approaches, even if they now fall under general derivative regulations.

但是，該機構沒有消除對盡職調查的需求。它指出，數字資產產品仍然需要自定義風險方法，即使它們現在屬於一般衍生品法規。

The policy change from the CFTC follows updates from other US financial regulators. Earlier this year, the Office of the Comptroller of the Currency (OCC) allowed US banks to offer crypto and stablecoin services without getting prior approval.

CFTC的政策變化遵循美國其他財務監管機構的更新。今年早些時候，貨幣審計長辦公室（OCC）允許美國銀行在未獲得事先批准的情況下提供加密貨幣和Stablecoin服務。

However, the OCC clarified that banks must maintain internal risk controls. Rodney E. Hood, Acting Comptroller of the Currency, said,

但是，OCC澄清說，銀行必須維持內部風險控制。該貨幣代理主計長羅德尼·E·胡德（Rodney E. Hood）說，

“The OCC expects banks to have the same strong risk management controls in place to support novel bank activities as they do for traditional ones.”

“ OCC希望銀行擁有與傳統銀行相同的強大風險管理控制，以支持新的銀行活動。”

The Federal Deposit Insurance Corporation (FDIC) has also been testing and approving new frameworks for managing risk in the context of crypto activity. Both the OCC and FDIC require that digital asset activity follow strict oversight practices already used in traditional banking.

聯邦存款保險公司（FDIC）還一直在測試和批准在加密活動中管理風險的新框架。 OCC和FDIC都要求數字資產活動遵循傳統銀行業已經使用的嚴格監督實踐。

While the CFTC has removed crypto-specific scrutiny, it still expects detailed risk measures. These changes ultimately show an effort to balance open market participation with financial stability.

儘管CFTC已刪除了特定於加密貨幣的審查，但它仍然期望採取詳細的風險措施。這些變化最終表明了平衡公開市場參與與財務穩定性的努力。