CFTC Staff Issues Interpretation on ‘U.S. Person’ Definition

• On May 21, 2025, the Market Participants Division and Division of Market Oversight of the CFTC issued CFTC Letter No. 25-14.
• The letter responded to a request for interpretation by a proprietary trading firm organized outside of the United States engaged in the (i) trading of virtual currency futures contracts listed on non-U.S. exchanges, both directly and through non-U.S. brokers, and (ii) trading of virtual currency options and perpetual contracts.
• Based on these facts and others, the letter determined that the trading firm was not a U.S. person or a person located in the U.S. for purposes of various CFTC regulations and guidance.

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