Major regulatory shift just dropped. December 11, 2025 marks a turning point as the Commodity Futures Trading Commission officially pulls back Staff Advisory No. 20-34—that 2020 document everyone knew as "Accepting Virtual Currencies from Customers into Segregation."

What's the big deal? This advisory basically set the playbook for how firms could handle client crypto deposits. Now it's gone. The timing raises questions: is this clearing the deck for fresh frameworks? Or signaling a hands-off approach?

For platforms dealing with digital asset custody, this creates immediate uncertainty. The old rules are out. New ones? TBD. Trading desks and compliance teams are likely scrambling to figure out what comes next.

This isn't just bureaucratic housekeeping. When a major regulator yanks guidance that's been around for five years, it usually means something bigger is brewing. Keep your eyes on how this reshapes the custody landscape.