Oct 02, 2025 The National Futures Association (NFA) has officially repealed Interpretive Notice 9073, the 2018 guidance that originally governed disclosures and supervision for “virtual currency” and “virtual currency derivatives.” The change consolidates all digital-asset oversight under NFA Compliance Rule 2-51, signaling the maturation of the NFA’s regulatory framework for digital-asset commodities. From Early Guidance to Formal Rule When 9073 was first issued in 2018, virtual currency markets were nascent. The notice required standardized risk legends and disclosure language for firms engaging in bitcoin-related activities and laid out supervisory expectations for FCMs, IBs, CPOs, and CTAs dabbling in virtual-currency products. Fast forward to 2023: the NFA introduced Compliance Rule 2-51, a broader, permanent framework applying to “digital-asset commodities”—initially Bitcoin and Ether—and incorporating antifraud, supervision, and disclosure obligations. Now, with the repeal of 9073 (effective October 1, 2025), those earlier virtual-currency references are formally retired, and Rule 2-51 stands as the sole governing standard. What This Means for NFA Members For most NFA Members—particularly CTAs, CPOs, and IBs—the repeal does not loosen oversight; it simply modernizes and streamlines the compliance structure. Key takeaways: Remove outdated language: The old “Virtual Currency Risk Disclosure” legend from 9073 is no longer required. Update policy references: Manuals, offering documents, and promotional materials should now cite Rule 2-51 instead of IN 9073. Maintain robust disclosures: Even without a prescribed legend, firms must still present clear, accurate statements of digital-asset risks under Rule 2-51 and NFA Rule 2-29. Expand internal coverage: Rule 2-51’s reach extends beyond BTC/ETH; it automatically includes any digital-asset commodity with a “related” CFTC-listed derivative product. Supervision still key: Member firms must supervise digital-asset activity, maintain appropriate records, and prevent fraud, manipulation, or misuse of customer information—exactly as they would for any other commodity interest. Why Rule 2-51 Matters This shift marks a broader regulatory recognition that digital-asset commodities have evolved beyond the “experimental” phase. The NFA’s framework now treats them as standard financial instruments subject to full supervisory discipline, not as a special case requiring a disclaimer. For firms that previously referenced IN 9073 in compliance manuals, the change should trigger a simple housekeeping update rather than a full rewrite—but Rule 2-51 compliance must now be explicit. Action Items for NFA/CFTC Registrants Turnkey recommends that all NFA Members: Review and update manuals, disclosure documents, and marketing materials to replace or remove any mention of Interpretive Notice 9073. Confirm definitions—ensure “digital-asset commodity” is properly defined per Rule 2-51 (Bitcoin, Ether, and related derivatives). Document supervisory coverage—verify that employee training, record retention, and monitoring extend to any digital-asset exposure. Reassess risk disclosures—maintain tailored language addressing volatility, liquidity, custody, and regulatory uncertainty, even though the old legend is gone. Perform a short “gap analysis”—confirm your current program satisfies the anti-fraud and just-and-equitable-principles standards in Rule 2-51. Turnkey Trading Partners’ Perspective From a compliance standpoint, this repeal is good news. It removes outdated wording, aligns NFA’s rules with how regulators and institutional participants now treat digital-asset markets, and reinforces that digital-asset commodities are simply another class of regulated instruments. Firms that treat this as an opportunity to modernize their disclosures and training materials will demonstrate strong control readiness in the next exam cycle. For assistance aligning your compliance manuals or disclosures with NFA Rule 2-51, contact Turnkey Trading Partners’ compliance team at info@turnkeytradingpartners.com.