NFA updates Member digital asset commodity-related requirements by repealing Interpretive Notice 9073 and amending Compliance Rule 2-51 - 05 December 2025

NFA recently repealed Interpretive Notice 9073 entitled Disclosure Requirements for NFA Members Engaging in Virtual Currency Activitiesand amended Compliance Rule 2-51 to clarify the scope of digital asset commodities covered by this rule and remove references to the now repealed Interpretive Notice.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 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 any further questions, please contact NFA's Information Center (information@nfa.futures.org or 800-621-3570 or 312-781-1410).

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