The U.S. Commodity Futures Trading Commission issued updated guidance on Thursday permitting regulated firms to invest customer funds in tokenized assets and use blockchain technology to maintain official records, extending its recent series of crypto-friendly policy moves.
The guidance clarified that tokenized versions of assets already deemed permissible under CFTC rules can be treated the same as the underlying traditional assets, provided the token grants holders legal and economic rights that are "the same or functionally equivalent" to those received from the non-tokenized form. Firms must also ensure the tokenized assets are properly held.
On recordkeeping, the CFTC stated its staff "would not object if a records entity utilized blockchain (or distributed ledger) technologies to create and maintain onchain records and satisfy its recordkeeping obligations." The allowance covers any CFTC regulation involving recordkeeping and maintenance of regulatory data.
The agency noted that firms using private blockchain networks may not need to maintain offchain copies of records. For public, permissionless blockchains, however, regulated businesses should establish systems and controls enabling them to retain and produce required records under all circumstances, including during network emergencies or disruptions.
The guidance arrives amid a regulatory pause at the congressional level. Last week, the Senate failed to advance the Digital Asset Market Clarity Act, legislation that would have established a comprehensive U.S. regulatory framework for digital assets and explicitly granted the CFTC authority over crypto spot markets — a jurisdictional gap that currently remains unresolved.
CFTC Chairman Mike Selig said in a statement: "I'm pleased to see staff update these frequently asked questions consistent with the agency's ongoing efforts to provide regulatory clarity for the crypto industry."
The CFTC has been moving quickly to issue updated interpretations of existing regulations and develop new rules supportive of blockchain activity in derivatives markets, even as broader legislative authority over the sector stalls in Congress.
