The U.S. Commodity Futures Trading Commission (CFTC) has updated guidance on tokenised assets and blockchain-based recordkeeping. It clarified that customer funds can be managed in tokenised form if the investment asset is permitted under existing rules and certain conditions are met.

On Sept. 24, local time, the CFTC said its Market Participants Division, Division of Market Oversight and Division of Clearing and Risk updated crypto and blockchain-related FAQs it released in March. The move does not create new rules but provides staff guidance on how CFTC-registered entities and registrants should apply existing rules in a blockchain environment.

The focus is investment of customer funds. Futures commission merchants (FCMs) and others seeking to hold tokenised versions of assets they are allowed to invest in under existing rules must ensure token holders have legal and economic rights that are the same as, or functionally equivalent to, the traditional form of the asset. Existing regulatory requirements, including for liquidity and custody, also apply. The CFTC said storing required records on a blockchain can also be used if relevant retention and access requirements are met.

CFTC Chairman Michael Selig (마이클 셀릭) said the revision was part of an effort to provide regulatory clarity for the crypto industry.

The move comes as the U.S. Senate has failed to advance the digital asset market structure bill known as the Clarity Act. On Sept. 15, the Senate voted down a cloture motion to begin consideration of the bill by 49 to 50. It was not a final vote on the bill itself.

As congressional legislation is delayed, the U.S. Securities and Exchange Commission (SEC) is also moving ahead with its own regulatory work. The SEC last month proposed a separate rule for certain crypto-related investment contracts, and this month issued a temporary exemptive measure allowing trading in certain tokenised stocks. The SEC has also said that long-term and comprehensive market structure still requires congressional legislation.