CFTC updates crypto guidance on tokenized investments and blockchain records
New guidance clarifies how futures commission merchants can handle crypto collateral, stablecoins, and capital charges under the agency's digital assets pilot program
The Commodity Futures Trading Commission has updated its crypto and blockchain guidance to address tokenized customer fund investments and the use of blockchain technology for regulatory recordkeeping.
The updated FAQs cover investments of customer funds in tokenized versions of otherwise permitted investments, as well as how registrants can use blockchain based systems to satisfy recordkeeping obligations.
The changes were issued jointly by the CFTC’s Market Participants Division, Division of Market Oversight and Division of Clearing and Risk.
CFTC Chairman Michael Selig said the updates are part of the agency’s effort to provide clearer regulatory treatment for crypto and blockchain based financial infrastructure.
AI, tech, and the markets they move—in one daily briefing.
Daily. Free. Join 34,000+ readers across crypto, finance, and policy.
The FAQs were originally published in March and provided additional guidance around CFTC Staff Letter 25-39 on tokenized collateral and Staff Letter 26-05, which provides a no action position for certain digital assets used as margin collateral.
The broader guidance reflects the CFTC’s push to apply existing derivatives rules to tokenized assets and blockchain infrastructure while clarifying how regulated firms can adopt the technology.
The agency has increasingly focused on tokenized collateral as a potential way to modernize derivatives markets and improve collateral management and capital efficiency.