On Dec. 15, the Commodity Futures Trading Commission issued a proposed interpretation concerning the boundaries of its authority over the spot market in bitcoin and other virtual currencies. The interpretation sets out the CFTC’s views regarding the “actual delivery” exception that applies to retail trading in commodities and how that exception applies to virtual currencies.
Under this interpretation, if a virtual currency contract results in "actual delivery" within 28 days, the transaction will not be subject to the Commodity Exchange Act and the enforcement powers that this law grants to the CFTC. If on the other hand delivery is not made within 28 days, then the contract will be treated as a futures contract and will become subject to all of the CFTC's rules and regulations. The interpretation provides several examples to clarify the meaning of delivery in the virtual currency context and asked for feedback by March 20.