U.S. commodities firms can invest in tokenized assets, use blockchain records: CFTC
In this news:
Key takeaways
- U.S. commodities firms are permitted to invest in tokenized assets and use blockchain records.
- Firms using public blockchains must establish controls to retain and produce records during disruptions.
- CFTC Chairman Mike Selig welcomed the staff update aimed at providing regulatory clarity.
They may not even have to maintain offchain versions of the records if the firm is using a private network. If the blockchain is public and permissionless, the document said, the regulated business “should establish systems and controls that enable it to retain and produce such records under any circumstances, including in the event of an emergency or other disruption to the network.”
The CFTC has been hurrying to erect new policies, whether by stating an updated, crypto-friendly view on existing regulations or writing new rules. The process has been especially urgent after the U.S. Senate's failure last week to advance the Digital Asset Market Clarity Act that would have set up a U.S. regulatory regime for the industry, including granting the CFTC powers over the crypto spot markets — which remains a regulatory hole for the sector.
“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,” CFTC Chairman Mike Selig said in a statement.
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