TLDR
- The CFTC said regulated firms can use tokenized assets when they provide rights equivalent to traditional assets.
- Firms must continue meeting custody and customer fund protection requirements when holding tokenized assets.
- The regulator said blockchain systems can satisfy official recordkeeping requirements under existing CFTC rules.
- Public blockchain users must maintain backup controls so records remain available during outages or network disruptions.
- The guidance follows the Senate’s failure to advance the CLARITY Act, leaving the CFTC to work within its current authority.
The U.S. Commodity Futures Trading Commission updated its crypto guidance Thursday, giving derivatives firms clearer rules for tokenized assets. Firms may invest customer funds in tokenized versions of assets permitted under existing rules. The tokenized form must give holders legal and economic rights that match, or closely match, the traditional asset.
The CFTC said firms must hold those assets under custody and protection requirements. The update does not create a new asset class. It explains how current rules apply when approved assets move onto blockchain networks.
Blockchain Records Gain Regulatory Recognition
The agency addressed blockchain recordkeeping. Staff said regulated entities may use blockchain or distributed ledger systems to create and maintain records. The guidance covers CFTC rules requiring firms to preserve transaction and regulatory data. This follows the agency’s recent crypto market rule proposal sent for White House review.
Private networks may serve as the main record system without a separate off-chain copy. Public networks need backup controls. Firms must be able to keep and produce records during emergencies, outages, or network disruptions. Those controls remain part of existing recordkeeping duties.
CFTC Action Follows Senate Setback
The update arrived after the Senate failed to advance the Digital Asset Market Clarity Act. The bill sought a federal structure for digital assets and proposed new CFTC authority over crypto spot markets. Recent Senate CLARITY Act developments showed lawmakers discussing whether the measure could return after the failed procedural vote.
That setback left agencies working within their powers. The CFTC has continued issuing guidance, no-action positions, and policy updates for crypto markets. The agency also gave certain software providers relief from introducing broker registration under defined conditions.
Crypto Policy Work Continues
Chairman Michael S. Selig said the updated questions support the agency’s effort to give the crypto industry clearer regulatory direction. The FAQs build on March 2026 guidance covering tokenized collateral, margin assets, and recordkeeping. Recent regulated onchain derivatives plans also show firms testing blockchain products under CFTC oversight.
The update keeps core compliance duties in place while explaining how firms can use technology. Regulated businesses still need proper custody, reliable records, and systems that work during disruptions. For tokenized assets, the CFTC’s test centers on whether the digital form preserves the rights attached to the traditional asset.
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