#加密资产监管 The US CFTC has revoked the 2020 delivery guidance document. From a different perspective, this is not simplification but making room for a more comprehensive regulatory framework. Those who have experienced multiple bull and bear markets know what it often means when the regulatory framework is reshaped: it signifies that the rules of the game are changing.

This guidance was originally intended to define what constitutes "actual delivery," essentially to prevent purely virtual transactions. Its revocation does not mean that delivery requirements disappear but that they will be replaced with new, stricter standards. The White House working group has already recommended granting the CFTC broader authority, and Pham is pushing for the "Crypto Sprint" to clarify rules. Bitnomial and Gemini have been gradually approved—this combination indicates that the regulatory framework is tightening rather than loosening.

What should we be most alert to? Projects that claim "regulatory friendliness" as an excuse to "play freely." During the reshaping of the framework, non-compliant counterparties and financial products with hidden risks will be gradually pushed out of the market. I have seen too many people betting on luck during the "policy window," only to be ultimately harvested by retail investors.

The current strategy is very simple: choose platforms that have been operating within a compliant framework from the start, and avoid projects that rely on policy arbitrage to survive. The clearer the rules, the easier it is to identify traps.