CFTC allows US brokers to invest in tokenized assets and use on-chain records
Summary
The CFTC has updated its regulations to allow U.S. brokers and clearinghouses to invest customer funds in tokenized assets, provided these tokens carry the same legal rights as their traditional counterparts. This change includes tokenized government money market funds, which require a custodian's written acknowledgment. Additionally, brokers, exchanges, and clearinghouses can now maintain records solely on public blockchains to comply with recordkeeping rules. This announcement follows CFTC Chairman Mike Selig's call for U.S. markets to prepare for "mass tokenization," underscoring the agency's efforts to adapt existing regulations to accommodate the rise of tokenized assets and blockchain technology.
Tokens
$SOL
Analysis
CFTC: The Commodity Futures Trading Commission is the primary US federal regulator for derivatives and commodity markets. It updated its crypto-related FAQs to explicitly allow brokers, clearinghouses, and swap dealers to invest customer funds in tokenized versions of approved assets and to maintain required records solely on public blockchains. dYdX: dYdX is a decentralized exchange protocol specializing in perpetual futures trading. It submitted questions to the CFTC that prompted the agency’s updated guidance on tokenized investments and on-chain recordkeeping. Mike Selig: Mike Selig serves as Chairman of the CFTC. Two days before the FAQ update, he publicly stated that US markets must prepare for mass tokenization. Blockchain Association: The Blockchain Association is a US-based trade organization representing blockchain and digital asset companies in policy discussions. It contributed to the questions submitted to the CFTC that resulted in the revised FAQs. Solana Policy Institute: The Solana Policy Institute is an advocacy group focused on shaping regulatory policy to support the Solana blockchain ecosystem. It joined dYdX and the Blockchain Association in submitting questions that led to the CFTC’s new guidance on tokenized assets and blockchain recordkeeping. Regulation: The CFTC is clarifying how existing rules apply to tokenized versions of traditional assets and blockchain-based recordkeeping. Tokenization: CFTC leadership has highlighted the need for US markets to adapt infrastructure in preparation for broader use of tokenized assets.
Categories
macrocryptorwasolanadefi