NFA Repeals NFA Interpretive Notice 9073 and Amends NFA Compliance Rule 2-51

• NFA members may now remove the standardized legends in their offering and marketing materials required by NFA Interpretive Notice 9073 which stated the limits of NFA regulatory oversight authority over underlying or spot market virtual currency trading.
• On October 1, 2025, the NFA submitted a proposal to the CFTC for the repeal of NFA Interpretive Notice 9073 (Disclosure Requirements for NFA Members Engaging in Virtual Currency Activities) and invoked the “ten day” provision of Section 17(j) of the Commodity Exchange Act allowing the NFA to proceed with the repeal if the CFTC did not respond within ten days.
• The NFA also proposed amendments to NFA Compliance Rule 2-51 that would expand its scope beyond Bitcoin and Ether 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.   

Repeal of Interpretive Notice 9073

The NFA adopted Interpretive Notice 9073 in 2018 when the virtual currency market was far smaller and outside of the mainstream markets. By requiring NFA members to inform their customers that the NFA did not have authority over the spot digital commodity transactions engaged in with an NFA member it provided a stopgap until the regulatory landscape could develop further.    

In their proposal, the NFA explained that Interpretive Notice 9073 had become outdated as the disclosure language regarding NFA’s limited jurisdiction was no longer accurate given NFA Compliance Rule 2-51. The NFA further argued that the list of risks associated with digital commodities continues to evolve and that the list should be reevaluated.

However, the NFA explained that the repeal of Interpretive Notice 9073 does not relieve commodity pool operators and commodity trading advisors from their obligation to appropriately disclose the material risks related to their offerings. The NFA also noted that it would likely propose disclosure requirements after seeking input from impacted NFA members and from the NFA’s various member advisory committees.

Amendments to NFA Compliance Rule 2-51

NFA Compliance Rule 2-51 was issued in 2023 and imposed anti-fraud, just and equitable principles of trade, disclosure and supervision requirements on NFA members that engaged in activities involving digital asset commodities. The original rule defined “digital asset commodities” solely as Bitcoin and Ether. The amendments broaden the scope of the rule 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. The NFA noted that linking the products covered by the rule with a CFTC listed product would provide NFA members with clarity on covered products without requiring the NFA to amend the rule to specifically identify a product each time there was a new CFTC listed product.

Takeaways

• NFA members may remove standardized legends in their offering and marketing materials stating the limits of NFA regulatory oversight authority over underlying or spot market virtual currency trading.
• NFA Compliance Rule 2-51 has been extended beyond just Bitcoin and Ether to include XRP, SOL and any other CFTC listed products.
• The NFA has indicated that it will likely propose new disclosure requirements for NFA members that engage in digital commodities activities so NFA members should be aware that they may need to update their materials again in the future.