CFTC删除针对加密衍生品的额外审查的员工咨询

Yerevan（Coinchapter.com） - 美国商品期货交易委员会（CFTC）已删除了员工咨询第23-07号和第18-14号

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.

美国商品期货贸易委员会（CFTC）删除了两项员工咨询，这些咨询将重点放在加密衍生品上，包括清除和列出这些产品的风险。

Specifically, the agency’s Division of Clearing and Risk (DCR) has withdrawn Staff Advisory No. 23-07 and No. 18-14.

具体而言，该机构的清算和风险部（DCR）已撤回员工咨询第23-07号和第18-14号。

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.

这两种指令均被编写为为在美国金融系统中运营的衍生品清算组织（DCO）提供指导。 2023年5月发布的员工咨询23-07，标题为“在清算房屋中的数字资产”，并概述了与清算数字资产相关的风险。

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.

同时，2018年7月发布的员工咨询18-14的标题为“虚拟货币衍生品或产品”，并以虚拟货币衍生品为目标，在列出时呼吁谨慎。这些文件表明，与其他资产相比，对加密产品的控制更严格。

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

DCR在正式的撤回信中说，不再需要该指南，可以解释为不平等的监管待遇。

“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，总体上可以阅读这些咨询以对数字资产衍生工具施加不同的监管标准，而相同的风险管理原则适用于所有衍生品合同，无论其基础资产，例如ETH或其他数字资产或其他数字资产或TradFi Instruments，''

CFTC Pushes for Regulatory Consistency Across Assets

CFTC推动资产之间的监管一致性

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.

这些指令的去除反映了向监管一致性的转变。正如CFTC所解释的那样，其数字资产衍生产品的规则现在将与已经用于传统金融产品的标准保持一致。

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.

此举消除了加密衍生品和TradFI合同之间以前存在的监管分离。无论资产类型如何，它允许市场参与者遵循相同的框架。

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继续应用风险评估，以考虑数字资产的特定风险。该机构补充说，仍然需要进行适当的监督。

“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.

该信总结说：“ DCR将继续密切监视DCO活动，以确保遵守委员会的法规，并评估是否适当的指导。”

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的决定还可能鼓励更多的金融机构进入加密衍生品市场。更新的框架现在将加密衍生品与其他商品相同的监管系统置于同一监管系统。

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.

通过删除早期指令，CFTC消除了加密市场面临不同标准的看法。此步骤可以改善参与和流动性，同时通过DCO将风险控制置于适当的位置。

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，该机构没有消除对尽职调查的需求。它指出，数字资产产品仍然需要自定义风险方法，即使它们现在属于一般衍生品法规。

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的政策变化遵循美国其他财务监管机构的更新。今年早些时候，货币审计长办公室（OCC）允许美国银行在未获得事先批准的情况下提供加密货币和Stablecoin服务。

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

但是，OCC澄清说，银行必须维持内部风险控制。该货币代理主计长罗德尼·E·胡德（Rodney E. Hood）说，

“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希望银行拥有与传统银行相同的强大风险管理控制，以支持新的银行活动。”

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.

联邦存款保险公司（FDIC）还一直在测试和批准在加密活动中管理风险的新框架。 OCC和FDIC都要求数字资产活动遵循传统银行业已经使用的严格监督实践。

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.

尽管CFTC已删除了特定于加密货币的审查，但它仍然期望采取详细的风险措施。这些变化最终表明了平衡公开市场参与与财务稳定性的努力。