Within the National Futures Association’s (NFA) Notice I-25-21, NFA recently repealed Interpretive Notice 9073 entitled Disclosure Requirements for NFA Members Engaging in Virtual Currency Activities, while also amending Compliance Rule 2-51 to clarify the scope of digital asset commodities covered by this rule and remove references to the now repealed Interpretive Notice. These changes are effective immediately.
NFA adopted Interpretive Notice 9073 in 2018 to impose disclosure requirements on Members engaging in virtual currency activities (i.e., digital asset commodity activities). In particular, the Interpretive Notice required Members to disclose specific risks associated with their digital asset commodity activities and inform customers of NFA's lack of jurisdiction over spot digital commodity activities.
However, in 2023, NFA adopted Compliance Rule 2-51, which established anti-fraud, just and equitable principles of trade, and supervision requirements on Members engaged in activities involving Bitcoin and Ether. This rendered Interpretive Notice 9073 inaccurate and prompted its repeal.
Additionally, NFA clarified the Rule's scope to cover any digital asset commodity that has a related commodity interest product certified by a registered entity or approved by the Commodity Futures Trading Commission (CFTC) for listing, mitigating the need for future amendments to specifically identify new products.
NFA's CPO/CTA, FCM and IB Member Advisory Committees supported all proposed changes, which were unanimously approved by the Board.
NFA's October 1, 2025, submission letter to the CFTC contains more detailed information regarding the repeal of Interpretive Notice 9073 and amendments to NFA Compliance Rule 2-51.
If you have questions regarding this update, other disclosure requirements or any other digital asset-related questions, please contact our Asset Management team.
