On December 19, 2025, in response to a request from an industry organization, the Market Participants Division of the CFTC issued No‑Action Letter 25‑50 (Letter), which agrees to restore the rescinded qualified eligible person registration exemption previously available under CFTC Regulation 4.13(a)(4) for commodity pool operators and commodity trading advisors. The exemption, originally established in 2003, was rescinded in 2012 as part of the Dodd-Frank Act’s reforms. Its recission meant that market participants had to comply with extensive, overlapping and sometimes conflicting CFTC and SEC regulations. This article, the first in a two-part series, explains the background of and rationale for the CFTC’s no-action position and summarizes the Letter. The second article will consider which types of asset managers are the likeliest beneficiaries of the relief; address reporting and disclosure requirements of those that opt to deregister to take advantage of the new relief; and weigh the pros and cons of taking action now in the absence of formal rulemaking. See “Acting SEC and CFTC Chairs Emphasize Getting ‘Back to the Basics’” (May 8, 2025); and “What’s Next for the SEC and CFTC? A Look at the Latest Reg Flex Agendas” (Aug. 15, 2024).