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Updated CFTC guidance says regulated U.S. commodities firms can invest customer funds in tokenized versions of assets that are already permissible under existing rules. The tokenized form must provide legal and economic rights that are the same as, or functionally equivalent to, the traditional asset, and firms must hold the assets properly.
The agency also said staff would not object to records entities using blockchain or distributed ledger technology to create and maintain official records. The guidance covers CFTC rules involving recordkeeping and regulatory data. Firms using private networks may not need separate offchain copies, while businesses using public, permissionless blockchains must maintain controls to retain and produce records during outages or other disruptions.
Why it matters
The guidance gives tokenization and blockchain recordkeeping a clearer place inside the regulated derivatives system. It follows a series of crypto policy moves from the CFTC as lawmakers remain unable to advance the Digital Asset Market Clarity Act, leaving parts of the U.S. digital asset framework unresolved.
CFTC Chairman Mike Selig said the staff update supports the agency's efforts to provide regulatory clarity for the crypto industry. The approach also sets a practical standard for tokenized assets: they must preserve the rights attached to the underlying asset rather than simply reproduce its market exposure.
Market impact
For regulated firms, the immediate effect is a broader path to use tokenized assets and onchain records without treating blockchain infrastructure as inherently incompatible with CFTC rules. Public-network users will still need resilient systems for recovery, access and regulatory production.
The guidance strengthens the institutional case for tokenization in derivatives and related financial markets. Its reach will depend on how firms apply the rights, custody and record-retention requirements in practice, especially while Congress continues to debate a wider digital asset regime.
Frequently asked questions
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What does the CFTC guidance allow commodities firms to do?
It allows regulated U.S. commodities firms to invest customer funds in tokenized versions of assets that are already permissible under existing rules.
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What rights must tokenized assets provide?
The tokenized form must grant holders legal and economic rights that are the same as, or functionally equivalent to, those provided by the traditional asset.
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Can firms use blockchain as an official recordkeeping system?
Yes. CFTC staff said they would not object to records entities using blockchain or distributed ledger technology to create and maintain onchain records under CFTC rules.
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Do firms using private blockchains need offchain record copies?
The guidance says firms using private networks may not need separate offchain versions, provided they can meet applicable recordkeeping obligations.
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What controls are required for public blockchain records?
Firms using public, permissionless blockchains must maintain systems and controls that allow them to retain and produce records during emergencies, outages or other network disruptions.
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