CLARITY Act · US Senate · Cointelegraph
CFTC updates guidance on tokenized assets, blockchain records after faltered vote
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◎ Multiple-sources
Although the CFTC chair did not say the failed vote on the CLARITY Act was behind new rules for authorized crypto entities, he said the move was “to provide regulatory clarity.“.
Key facts
- The move came days after the US Senate failed to advance the Digital Asset Market Clarity (CLARITY) Act, a bill expected to provide clarification on the roles the CFTC and Securities and Exchange
- The US Commodity Futures Trading Commission (CFTC) has updated its guidance on tokenized assets and using blockchain technology for recordkeeping
- CFTC Chair Michael Selig said that the changes were part of efforts “to provide regulatory clarity for the crypto industry
- With the failed cloture vote, many expect that Congress will not be able to pass crypto market structure before 2027, leading to regulators advancing their own policies through rulemaking
Summary
The US Commodity Futures Trading Commission (CFTC) has updated its guidance on tokenized assets and using blockchain technology for recordkeeping. In a Thursday notice, the CFTC said that it had updated information under its frequently asked questions on registered crypto-related entities. The guidance originally released in March was updated to specify that authorized companies could invest customer funds in tokenized forms, provided “the tokenized form of the asset grants the holder legal and economic rights that are the same or functionally equivalent to the rights received by holders of the asset in its traditional form.” The regulator added that it “would not object” to companies utilizing blockchain-based recordkeeping under the new rules.