Following the U.S. Senate's failure to pass the CLARITY Act, CFTC Chair Michael Selig announced that the agency is using its existing statutory powers to build a crypto regulatory framework. On September 24, 2026, the CFTC updated its guidance to allow regulated firms to invest customer funds in tokenized assets and utilize blockchain technology for official recordkeeping, signaling a major regulatory shift toward accommodating onchain finance and mass tokenization.
Guidance on tokenized assets
- ▪The U.S. Commodity Futures Trading Commission's updated guidance on tokenized assets, issued September 24, 2026, requires that tokenized assets grant holders legal and economic rights functionally equivalent to those of traditional assets
- ▪The U.S. Commodity Futures Trading Commission updated its guidance on September 24, 2026, allowing regulated firms to invest customer funds in tokenized forms of permissible assets
Blockchain recordkeeping guidance
- ▪The U.S. Commodity Futures Trading Commission stated on September 24, 2026, that it would not object to regulated entities using blockchain technologies to satisfy recordkeeping obligations
- ▪Regulated firms using public, permissionless blockchains must establish systems to retain and produce records during network emergencies or disruptions, according to the CFTC's September 24, 2026, guidance
Michael Selig on tokenization
- ▪U.S. Commodity Futures Trading Commission Chair Michael Selig stated on September 22, 2026, that financial markets should prepare for mass tokenization over the next decade
- ▪U.S. Commodity Futures Trading Commission Chair Michael Selig stated on September 22, 2026, that high-quality tokenized collateral could make liquidity more dynamic and markets more resilient
Treatment of proprietary payment stablecoins
- ▪The U.S. Commodity Futures Trading Commission's March 20, 2026, guidance permits futures commission merchants to deposit proprietary payment stablecoins as residual interest in segregated customer accounts
- ▪The U.S. Commodity Futures Trading Commission imposes a 2% capital charge on proprietary payment stablecoins deposited as residual interest by futures commission merchants
Efforts to build a regulatory framework
- ▪The U.S. Commodity Futures Trading Commission submitted a regulatory proposal covering crypto asset transactions and markets for White House review on September 17, 2026
- ▪The U.S. Commodity Futures Trading Commission is accelerating efforts to build a crypto regulatory framework using existing statutory powers following the U.S. Senate's September 15, 2026, failure to pass the CLARITY Act
Evaluation of 24/7 trading
- ▪U.S. Commodity Futures Trading Commission Chair Michael Selig stated on September 22, 2026, that cryptocurrencies and precious metals may currently be suitable for 24/7 trading in U.S. derivatives markets
- ▪The U.S. Commodity Futures Trading Commission opened a public comment window in June 2026 to evaluate 24/7 trading for energy futures and perpetual contracts linked to physical commodities
Debatable claims
- ▪Investing customer funds in tokenized assets poses unacceptable risks to investors
- ▪The CFTC should regulate crypto markets using its existing statutory authority
- ▪Blockchain technology is reliable enough to satisfy regulatory recordkeeping requirements
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