By Lindsay Burckett-St. Laurent, Senior Managing Director and Megan Wright, Director
Effective December 3, 2025, the National Futures Association (NFA) announced two significant regulatory changes impacting firms engaged in digital asset activities:
- Repeal of Interpretive Notice 9073 (Disclosure Requirements for NFA Members Engaging in Virtual Currency Activities)
- Amendment to NFA Compliance Rule 2-51, broadening anti-fraud provisions for digital asset commodities
These changes reflect the NFA’s effort to modernize its regulatory framework in response to the rapidly evolving digital asset market.
Why did NFA repeal Interpretive Notice 9073?
When Interpretive Notice 9073 was introduced, it provided standardized disclosure requirements for firms offering products like Bitcoin and Ether. However, the digital asset ecosystem has grown exponentially, introducing new instruments, protocols and risk profiles. Many of the original disclaimers and requirements became outdated or overly prescriptive, limiting firms’ ability to tailor disclosures to emerging products and investor needs.
By repealing Notice 9073, NFA acknowledges that a one-size-fits-all approach no longer works in a market defined by innovation and complexity.
Why amend Compliance Rule 2-51?
Previously, Rule 2-51 referenced Interpretive Notice 9073 and applied narrowly to Bitcoin and Ether. The amendment expands the rule’s anti-fraud provisions to cover all digital asset commodities that have a related commodity interest product certified by a registered entity or approved by the Commodity Futures Trading Commission (CFTC).
This shift ensures that fraud protections keep pace with product innovation, reinforcing NFA’s commitment to market integrity across the full spectrum of digital asset commodities.
What does this mean in practice for NFA member firms?
- Disclosure obligations remain: The repeal of Notice 9073 doesn’t eliminate disclosure requirements – instead, it gives firms greater flexibility to craft disclosures that accurately reflect the risks and characteristics of their offerings
- Customization over standardization: Firms can move away from rigid templates and adopt risk-based, product-specific disclosures, improving clarity for participants while maintaining compliance
- Review and update materials: NFA encourages members to audit promotional materials, offering documents and internal procedures to ensure alignment with the updated framework
- Future guidance possible: In its letter to the CFTC, NFA signaled that additional proposals may follow to clarify disclosure expectations as the digital asset market continues to evolve
Key takeaways
- The repeal of Interpretive Notice 9073 reflects a modernization effort, recognizing that static rules cannot govern a dynamic market
- Expanded Rule 2-51 ensures anti-fraud protections apply broadly, safeguarding participants in all regulated digital asset commodity products
- Firms should view this as an opportunity to enhance disclosure practices, focusing on transparency, accuracy and investor protection
Action steps for compliance teams
- Conduct a gap analysis of current disclosures against updated NFA requirements
- Develop flexible disclosure frameworks that can adapt to new products and risk factors
- Monitor NFA communications for future guidance or proposals on digital asset disclosures
As digital asset regulations continue to evolve, our global expertise across fund administration, technology and compliance helps our clients navigate regulatory changes with confidence.
Contact our team to learn how we can help you stay ahead of digital asset compliance requirements.
