United States: NFA Updates Digital Asset Obligations

By: Sarah V. Riddell, Cheryl Isaac, and Gustavo De La Cruz Reynozo

On 17 October 2025, the National Futures Association (NFA) announced that it will be eliminating interpretive guidance requiring digital assets-related disclosure obligations for NFA members. The NFA Board unanimously concluded that NFA Interpretive Notice 9073 (Disclosure Requirements for NFA Members Engaging in Virtual Currency Activities), which was originally adopted by the NFA to require members to disclose specific risks associated with their digital asset activities and inform customers that the NFA does not have jurisdiction over spot digital assets, was outdated and should be reevaluated. The NFA expects to propose updated disclosure requirements in the future after it receives input from impacted members. In the meantime, commodity pool operators (CPOs) and commodity trading advisors (CTAs) remain obligated to appropriately disclose material risks related to their offerings (regardless of asset class).

In 2023, the NFA adopted Compliance Rule 2-51, imposing anti-fraud, just and equitable principles of trade, and supervision requirements on NFA members and associates engaging in digital asset activities. Because this rule created clear disciplinary authority for the NFA, the risk disclosures previously required under Interpretive Notice 9073 became inaccurate and obsolete.

The NFA has also proposed to revise NFA Compliance Rule 2-51 to broaden the scope of digital asset activities that are encompassed under its disciplinary authority. As initially adopted, this rule applied only to activities involving Bitcoin and Ether. The NFA’s proposal would expand the rule to apply broadly to any digital asset that underlies a CFTC-approved or certified futures contract or other commodity interest.

While the repeal of Interpretive Notice 9073 might appear to be part of the Trump administration’s deregulation of U.S. digital asset markets, the impact likely will be “smarter” regulation, rather than less regulation, particularly when updated disclosure requirements are eventually adopted by the NFA.

If you have any questions or would like additional information, please contact Sarah V. Riddell, Cheryl L. Isaac, Richard F. Kerr, or Jeremy M. McLaughlin.