CFTC Clears Regulated Firms to Hold Tokenised Assets and Keep Blockchain Records

The U.S. Commodity Futures Trading Commission has issued updated guidance permitting regulated derivatives firms to invest customer funds in tokenised assets and to satisfy official recordkeeping requirements using blockchain or distributed ledger technology. Both clarifications arrive as staff-level FAQ updates rather than formal rulemaking, but they carry practical weight for any platform operating under CFTC oversight.

On the investment side, the regulator’s position is that a tokenised asset is acceptable wherever its traditional equivalent already qualifies, provided the token grants holders legal and economic rights that are identical or functionally equivalent to those of the underlying instrument and that custody arrangements meet existing standards. On recordkeeping, staff confirmed they would not take action against a firm that relies on on-chain records to meet regulatory data obligations, covering any CFTC regulation touching recordkeeping and data maintenance. Firms running private networks may forgo off-chain copies entirely; those on public, permissionless networks must maintain systems capable of producing records under any circumstances, including network disruptions.

The timing reflects pressure building on the agency. The U.S. Senate’s failure to advance the Digital Asset Market Clarity Act, which would have granted the CFTC authority over crypto spot markets, has left a regulatory gap that the commission appears to be filling through policy guidance rather than waiting for legislation. CFTC Chairman Mike Selig described the updates as consistent with the agency’s broader effort to provide regulatory clarity for the crypto industry. How far staff-level guidance can substitute for statutory authority over spot markets remains an open question, but for firms already within the CFTC’s perimeter, the operational path for tokenised asset exposure and blockchain recordkeeping is now considerably clearer.