{"id":16041,"date":"2025-12-12T09:34:11","date_gmt":"2025-12-12T09:34:11","guid":{"rendered":"https:\/\/cryptozen.asia\/id\/cftc-cabut-panduan-crypto-pengiriman-aktual-dari-2020\/"},"modified":"2025-12-12T09:34:11","modified_gmt":"2025-12-12T09:34:11","slug":"cftc-cabut-panduan-crypto-pengiriman-aktual-dari-2020","status":"publish","type":"post","link":"https:\/\/cryptozen.asia\/id\/cftc-cabut-panduan-crypto-pengiriman-aktual-dari-2020\/","title":{"rendered":"CFTC Cabut Panduan Crypto \u2018Pengiriman Aktual\u2019 dari 2020"},"content":{"rendered":"

Pencabutan Panduan Staf CFTC Mengenai Pengiriman Aktual<\/h2>\n

Commodity Futures Trading Commission (CFTC)<\/strong> telah mencabut panduan stafnya yang dikeluarkan pada tahun 2020 mengenai “pengiriman aktual,”<\/em> sebuah kriteria penting yang dapat menentukan apakah beberapa perdagangan cryptocurrency ritel termasuk dalam regulasi kontrak berjangka. Keputusan ini diumumkan oleh Ketua Sementara CFTC, Caroline D. Pham<\/strong>, pada 11 Desember 2025<\/strong>. Ia menjelaskan bahwa pencabutan panduan tersebut disebabkan oleh perubahan signifikan<\/strong> di pasar cryptocurrency sejak panduan itu dirilis, serta karena kerangka kerja sebelumnya dianggap usang<\/em> dan terlalu kompleks<\/em>.<\/p>\n

Upaya CFTC dalam Kebijakan Aset Digital<\/h2>\n

Pengumuman ini mencerminkan upaya CFTC yang lebih luas<\/strong> dalam merumuskan rekomendasi kebijakan terkait aset digital di tingkat federal. CFTC juga menyatakan bahwa mereka mungkin akan mempertimbangkan untuk mengeluarkan panduan atau FAQ yang diperbarui, sambil mengundang partisipasi publik melalui inisiatif yang disebut Crypto Sprint<\/strong>.<\/p>\n

Pentingnya Konsep Pengiriman Aktual<\/h2>\n

Konsep “pengiriman aktual”<\/strong> sangat penting karena hukum di Amerika Serikat memperlakukan transaksi komoditas ritel tertentu yang melibatkan margin, leverage, atau pembiayaan seolah-olah mereka adalah kontrak berjangka, kecuali jika memenuhi syarat untuk pengecualian pengiriman aktual<\/strong>. Pengecualian ini memungkinkan transaksi untuk tidak termasuk dalam regulasi kontrak berjangka ketika pengiriman dilakukan dalam jangka waktu yang ditentukan.<\/p>\n

Panduan Interpretatif CFTC 2020<\/h2>\n

Pada Maret 2020<\/strong>, CFTC telah mengeluarkan panduan interpretatif final yang berfokus pada transaksi komoditas ritel dalam mata uang virtual. Panduan tersebut menjelaskan dua faktor utama yang dipertimbangkan untuk menentukan apakah pengiriman aktual terjadi:<\/p>\n

    \n
  1. Apakah pelanggan memperoleh kepemilikan dan kontrol penuh<\/strong> atas jumlah yang dibeli;<\/li>\n
  2. Apakah penjual atau pihak lawan lainnya mempertahankan kepentingan residual<\/strong> atau kontrol yang dapat mengurangi pengiriman.<\/li>\n<\/ol>\n

    Dengan pencabutan panduan pada 11 Desember<\/strong>, CFTC menghapus panduan staf 2020 dari buku panduan aktif mereka, namun kerangka hukum yang mendasari<\/strong> yang menjadikan “pengiriman aktual” sebagai garis pemisah penting untuk produk cryptocurrency ritel tetap berlaku.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Pencabutan Panduan Staf CFTC Mengenai Pengiriman Aktual Commodity Futures Trading Commission (CFTC) telah mencabut panduan stafnya yang dikeluarkan pada tahun 2020 mengenai “pengiriman aktual,” sebuah kriteri…<\/p>\n","protected":false},"author":3,"featured_media":16040,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42,48],"tags":[4225,9994,4521,10101,4217,4204],"class_list":["post-16041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-legal","tag-bitcoin","tag-caroline-d-pham","tag-cftc","tag-crypto-sprint","tag-legal","tag-usa"],"yoast_head":"\nCFTC Cabut Panduan Crypto \u2018Pengiriman Aktual\u2019 dari 2020 - CryptoZen<\/title>\n<meta name=\"description\" content=\"CFTC telah mencabut panduan 2020 tentang 'pengiriman aktual' untuk transaksi cryptocurrency ritel akibat perubahan pasar, yang berdampak pada regulasi kontrak berjangka.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptozen.asia\/id\/cftc-cabut-panduan-crypto-pengiriman-aktual-dari-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CFTC Cabut Panduan Crypto \u2018Pengiriman Aktual\u2019 dari 2020 - CryptoZen\" \/>\n<meta property=\"og:description\" content=\"CFTC telah mencabut panduan 2020 tentang 'pengiriman aktual' untuk transaksi cryptocurrency ritel akibat perubahan pasar, yang berdampak pada regulasi kontrak berjangka.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptozen.asia\/id\/cftc-cabut-panduan-crypto-pengiriman-aktual-dari-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoZen\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-12T09:34:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptozen.asia\/id\/wp-content\/uploads\/sites\/23\/2025\/12\/story_145240_preview.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Ditulis oleh\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimasi waktu membaca\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 menit\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/cryptozen.asia\/id\/cftc-cabut-panduan-crypto-pengiriman-aktual-dari-2020\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptozen.asia\/id\/cftc-cabut-panduan-crypto-pengiriman-aktual-dari-2020\/\"},\"author\":{\"name\":\"Editor\",\"@id\":\"https:\/\/cryptozen.asia\/id\/#\/schema\/person\/215c42a44c778a4d41cede868d63707c\"},\"headline\":\"CFTC Cabut Panduan Crypto \u2018Pengiriman Aktual\u2019 dari 2020\",\"datePublished\":\"2025-12-12T09:34:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptozen.asia\/id\/cftc-cabut-panduan-crypto-pengiriman-aktual-dari-2020\/\"},\"wordCount\":285,\"publisher\":{\"@id\":\"https:\/\/cryptozen.asia\/id\/#organization\"},\"image\":{\"@id\":\"https:\/\/cryptozen.asia\/id\/cftc-cabut-panduan-crypto-pengiriman-aktual-dari-2020\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cryptozen.asia\/id\/wp-content\/uploads\/sites\/23\/2025\/12\/story_145240_preview.jpeg\",\"keywords\":[\"Bitcoin\",\"Caroline D. 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