CFTC Updates Tokenized Asset and Blockchain Recordkeeping Guidance After CLARITY Act Stalls

The US Commodity Futures Trading Commission (CFTC) has updated its regulatory guidance on tokenized assets and blockchain-based recordkeeping for authorized crypto entities, publishing the revisions on Thursday. The updated FAQ, originally released in March, now specifies that registered companies may invest customer funds in tokenized forms, provided that the tokenized asset grants holders legal and economic rights equivalent to those of the traditional underlying asset. The regulator also stated it "would not object" to companies using blockchain technology for recordkeeping purposes under the new framework.

CFTC Chair Michael Selig framed the changes as part of broader efforts "to provide regulatory clarity for the crypto industry." The timing drew immediate scrutiny because it came just days after the US Senate failed to advance the Digital Asset Market Clarity (CLARITY) Act through a cloture vote. The bill was designed to delineate oversight responsibilities between the CFTC and the Securities and Exchange Commission (SEC) over digital assets, and its defeat has led many observers to conclude that Congress will not deliver comprehensive crypto market structure legislation before 2027.

In the absence of congressional action, federal regulators are increasingly pursuing their own rulemaking paths. The CFTC has already submitted a crypto market regulation plan to the White House for review. SEC Chair Paul Atkins echoed this approach ahead of the CLARITY vote, stating that his agency was "ready, willing, and able" to propose crypto rules without legislative input. The SEC moved forward in August with proposed rules addressing "certain investment contracts involving crypto assets." Together, these steps signal a shift toward agency-by-agency policymaking that will shape how tokenized assets, stablecoins, and digital asset intermediaries are regulated in the United States.