Regulation · Instrument · United States · Guidance · Commodity Futures Trading Commission
CFTC Staff Letter 25-39: guidance on tokenised collateral in derivatives markets
Joint guidance from three CFTC divisions on using tokenised real-world assets, including US Treasuries and money market funds, as collateral. It covers eligible assets, legal enforceability, segregation, custody and control, haircuts and valuation, and operational risk, and says CFTC rules are technology neutral.
In force · effective 8 Dec 2025 · part of CFTC tokenised collateral and digital-asset margin framework (staff guidance and pilot programme)
Key points
- CFTC regulations are technology neutral; tokenised assets should be assessed individually under the existing framework and firms' own policies.[1]
- Covers tokenised real-world assets such as US Treasuries and money market funds, addressing eligibility, legal enforceability, segregation, custody and control, haircuts and valuation, and operational risk.[1]
Timeline
- 8 Dec 2025 · In forceIssued by the Market Participants Division, Division of Market Oversight and Division of Clearing and Risk.[1]
Deployments operating under it
None recorded with a source yet.
Sources
- [1]Acting Chairman Pham Announces Launch of Digital Assets Pilot Program for Tokenized Collateral in Derivatives Markets — Commodity Futures Trading Commission, 8 Dec 2025. Accessed 12 Oct 2026.A