CFTC Updates Guidance on Tokenized Customer-Fund Investments and Blockchain Records
The Commodity Futures Trading Commission (CFTC) has updated its guidance on tokenized customer-fund investments and blockchain records. The update, which was published on September 24, 2026, addresses two subjects: tokenized investments and blockchain records.
The CFTC's existing crypto guidance allows qualifying intermediaries to count certain customer crypto as margin under specified conditions. However, a fall in the token's price sets off several different calculations, including determining whose asset it is, which haircut applies, and who must fill a shortfall.
A 20% haircut is applied to most non-stablecoin crypto in specified intermediary calculations. For example, if a customer posts Bitcoin worth $100,000 as margin, and the relevant FCM calculation applies a 20% haircut, recognized value is $80,000. If the price of Bitcoin then falls by 15%, to $85,000, and the haircut remains at 20%, recognized value becomes $68,000.
The CFTC's update does not create an unrestricted new right to pledge any token against any derivatives trade. Instead, it clarifies that a tokenized form of an investment already permitted under Regulation 1.25 is a question about the wrapper on an eligible underlying asset.