USA Law and Practice Contributed by: Gregory Strong, Sarah W. Chen, Brian Farber and Amil Sumaiya Malik, Cahill Gordon & Reindel LLP
CFTC has also released guidance on tokenised assets as well. On 8 December 2025, the CFTC issued CFTC Letter No 25-39 (the “Guidance”), providing staff guidance on the use of tokenised assets as collateral in deriva- tives markets. In the Guidance, the CFTC adopts a technology-neutral approach, clarifying that the use of blockchain or distributed ledger technology to tokenise an asset “need not change the fundamental characteristics of that asset”, and that existing regu- latory requirements applicable to non-cash collateral can generally accommodate tokenised assets without new rulemaking. Consistent with this approach, tokenised assets are regulated in substantially the same manner as their non-blockchain equivalents. Assets that are eligible to serve as margin collateral – such as US Treasur- ies, corporate bonds or money market fund interests – remain eligible when tokenised, provided they sat- isfy applicable requirements relating to credit quality, liquidity and maturity. The Guidance further emphasises that existing regula- tory frameworks governing legal enforceability, custo- dy, segregation and risk management apply equally to tokenised forms of assets. Market participants must ensure that tokenised collateral is subject to enforce- able legal arrangements, held with eligible custodians, and compliant with applicable segregation and control requirements.
Similarly, risk-based methodologies – such as haircuts and valuation – apply to tokenised assets in a manner consistent with their traditional counterparts, subject to adjustments where the tokenised form introduces additional risks (eg, settlement, liquidity or operational considerations). At the same time, the CFTC notes that tokenisa- tion may introduce novel operational and legal risks, including cybersecurity and technological dependen- cies, and emphasises that tokenised assets should be assessed on a case-by-case basis depending on their structure. Taken together, the Guidance reflects the CFTC’s view that tokenisation does not alter the regulatory classification of an asset; rather, tokenised RWAs are generally subject to the same regulatory treatment as their non-blockchain equivalents, with additional analysis required only to address risks aris - ing from the use of distributed ledger technology.
732 CHAMBERS.COM
Powered by FlippingBook