CFTC staff clears tokenized customer funds for US futures firms

Staff at the Commodity Futures Trading Commission gave US futures firms fresh crypto guidance on September 24, 2026. The firms may now invest customer money in tokenized assets and keep required records on a blockchain, if current rules are met.

Three of the agency's divisions signed the update. They were the Market Participants Division, the Division of Market Oversight, and the Division of Clearing and Risk. The CFTC first published these FAQs on March 20, 2026, then revised them this week.

What the updated FAQs changed

Staff changed one answer and added four more. They revised Question 5 and added Questions 12 through 15.

It covers two areas. One is tokenized customer funds. The other is blockchain recordkeeping.

Two kinds of firms sit at the center of the guidance. Futures commission merchants take customer orders and hold customer money. Derivatives clearing organizations stand between buyers and sellers to settle trades. Both handle client cash, so the rules on where that cash sits matter.

On the money question, the guidance sets a clear limit. A firm may invest customer funds in a tokenized asset only when that tokenized form meets Regulation 1.25. Tokenizing an asset does not, by itself, make it eligible. The underlying asset still has to qualify.

One example runs through the money guidance. A tokenized share in a money market fund could hold customer cash, staff said, if that share still meets Regulation 1.25. The token is a wrapper. The asset inside must qualify on its own.

For records, staff said Regulations 1.31 and 45.2 favor no single technology. A firm may keep required records on a blockchain instead of on paper or a private server.

Staff set conditions on that choice. The records must stay authentic and reliable. A firm must produce them promptly on demand, even during a network outage or a block explorer disruption. Staff added that a firm need not keep a duplicate set off the chain.

Earlier staff work sits behind the FAQs. In the same release, staff pointed to two related letters, numbered 25-39 and 26-05.

How this fits the CFTC's wider crypto plan

Michael Selig, chairman of the CFTC, welcomed the change in the release. "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," Selig said.

These FAQs are a small step. A larger crypto rulebook still moves slowly. Guidance, not a rulebook.

On September 17, 2026, the CFTC sent a broader market structure rulemaking to the White House Office of Information and Regulatory Affairs, according to CoinDesk. The review is one stage in a long process.

Congress had the first chance to act. On September 15, 2026, the Senate fell short of the 60 votes needed to advance the Clarity Act, which failed on a 49 to 50 procedural vote, according to CoinDesk. That bill would have given the CFTC watchdog power over crypto spot markets and set roles for the SEC. Its defeat pushed the work back to the regulators.

A long path lies ahead. Once the White House finishes its review, the draft returns to the CFTC for a vote and a public comment period, according to CoinDesk. Another vote follows before any rule takes effect. The comment period gives the public a formal say before any final vote.

Why the guidance has limits

Staff attached limits to these answers. The FAQs work like study notes on the existing rulebook.

This guidance draws a careful line. It does not let a firm hold an asset it could not hold before. It does not change what counts as a permitted investment. It reads existing rules for a new form of the same assets.

Lawyers at Lowenstein Sandler, in a September 25, 2026 client alert, wrote that the FAQs reflect staff views, not binding law. They create no safe harbor. They grant no exemption.

Much stays unclear. The agency's five commissioners have not voted on these points, and staff answers can change at any time. Firms also cannot read the full market structure rule, which the CFTC has not published. Read plainly, the update tidies old questions more than it opens new ground.

What to watch

Watch the CFTC's five commissioners next. A binding market structure rule would carry more weight than any staff FAQ, and its text is not public yet. Firms will also look for signs that the White House review of the September filing is moving. For now, the guidance is staff opinion, and the real rulebook waits.