The National Futures Association (NFA) recently passed NFA Compliance Rule 2-51, which sets out anti-fraud, fair and equitable trading principles, and regulatory requirements for NFA members and associate members engaged in digital asset commodity activities. The rule, currently limited to bitcoin and ethereum, will come into effect on May 31, 2023. Members also have existing obligations to comply with disclosure requirements for participation in virtual currency activities. Currently, more than 100 NFA members have reported to NFA that they engage in digital asset-related business activities, including commodity interest and spot markets. The National Futures Association of the United States is a self-regulatory organization for the futures industry established in 1976 in accordance with Section 17 of the Commodity Exchange Act of the United States and officially began to operate in 1982. NFA has been working in recent years to develop innovative, technology-driven regulatory procedures to enable its members to meet their statutory obligations at a lower cost and with greater efficiency.