CFTC updates guidance on crypto, stablecoins, and tokens
4.1 Regulation The CFTC updated its guidance, clarifying rules for crypto collateral, stablecoins, and tokenized assets, and allowing blockchain-based records, signaling stricter compliance for regulated crypto firms.
The Commodity Futures Trading Commission (CFTC) has released major updates to its guidance on crypto assets and blockchain technologies. The new FAQs, published on September 24, 2026, clarify how regulated firms can handle crypto collateral, stablecoins, and tokenized assets under the agency's digital assets pilot program. Futures commission merchants (FCMs) are now allowed to use post-haircut values of non-security crypto assets to manage customer account deficits. Additionally, proprietary payment stablecoins can be deposited as residual interest in segregated accounts, subject to a 2% capital charge. The CFTC added four new FAQ items addressing the use of tokenized Bitcoin as customer funds and revised an existing entry, providing more certainty for registered firms. The guidance also permits derivatives firms to invest customer funds in tokenized versions of permitted assets, as long as these instruments offer legal and economic rights equivalent to the underlying assets. The CFTC will not object to using blockchain-based records for recordkeeping requirements. These updates mark a step toward integrating blockchain infrastructure into regulated markets and signal a stricter compliance environment for crypto market participants.
