U.S. commodities firms can invest in tokenized assets, use blockchain records: CFTC

The U.S. Commodity Futures Trading Commission (CFTC) issued updated guidance confirming that regulated commodities firms may allocate customer funds to tokenized versions of assets that are already permissible under existing rules. The agency also clarified that blockchain or distributed‑ledger technologies can satisfy record‑keeping obligations for CFTC‑covered activities.

Tokenized assets treated like their underlying counterparts

The CFTC stated that a tokenized asset is acceptable if it provides holders with legal and economic rights that are the same or functionally equivalent to those of the traditional asset. Firms must also ensure proper custody of the underlying assets.

Blockchain as an official record‑keeping method

According to the guidance, a records entity may use a blockchain—public or private—to create and maintain on‑chain records without objection from the regulator. For public, permissionless blockchains, firms must have systems and controls to retain and produce records under any circumstances, including emergencies or network disruptions. Off‑chain copies may not be required if appropriate safeguards are in place.

Regulatory context

The clarification follows recent CFTC efforts to provide crypto‑friendly interpretations of existing regulations and comes amid broader legislative uncertainty after the U.S. Senate did not advance the Digital Asset Market Clarity Act, which sought to grant the CFTC authority over spot crypto markets.

CFTC Chairman Mike Selig praised the staff update as part of the agency’s ongoing work to offer regulatory clarity for the crypto industry.