The National Futures Association (NFA) of the United States has formulated new rules for crypto commodity trading, which will take effect on May 31

PANews reported on April 1 that the National Futures Association (NFA) is developing standards for its members engaged in digital asset commodity trading, CoinDesk reported. The NFA said in a statement that the new rules will take effect on May 31 and currently only apply to Bitcoin (BTC) and Ethereum (ETH) transactions. If NFA members engage in fraud or similar misconduct in their spot digital asset commodity activities, NFA may punish members or take other actions to protect the public. The new rules also require members to closely monitor their activities, and members involved in spot crypto commodities activities “must implement appropriate oversight policies and procedures for those activities.” CFTC Commissioner Caroline Pham said in a statement on the website on Friday, "This is a striking example of using existing powers to protect customers. NFA members and related personnel are required to clearly disclose the risks associated with spot trading of Bitcoin and Ethereum in order to Clients are fully informed before making any trading decisions.”