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The world is being quietly rearranged by people who write very long documents.

Federal Register · December 16, 2025
The title they went with Withdrawal of Interpretive Guidance: Retail Commodity Transactions Involving Certain Digital Assets Noisy translates that to

US regulators remove guidance for digital asset trading, making it harder to sue

What happened
The Commodity Futures Trading Commission (CFTC) has withdrawn its 2020 guidance on how certain digital asset transactions are regulated. This means it will be harder for the CFTC to pursue enforcement actions against companies offering these products to retail customers.
Why it matters
The 2020 guidance allowed the CFTC to treat certain digital asset transactions as 'retail commodity transactions,' giving them a clear path to sue companies for fraud or manipulation. Without this guidance, the CFTC loses a key tool for oversight. This makes it harder for regulators to protect consumers in the digital asset market.
The signal
Watch for a decrease in CFTC enforcement actions related to digital asset fraud, or for the agency to seek new legislative authority to regulate these products.
If you insist
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