The CFTC issues a “No Action Letter,” allowing futures advisory firms (RIAs) to manage client funds using tokenized asset portfolios, and to treat the ledger on the blockchain as an official record directly. This guidance unravels the final shackle for the tokenization of futures in the industry. (Background: Ondo Finance teams up with LayerZero to launch a “securities cross-chain bridge”: seamless transfers of tokenized stocks and ETFs, now supported on Ethereum and BSC.) (Additional context: The White House’s economist calls out banks—earning interest on stablecoins affects banks’ lending by only 0.02%; regulation constraints should be loosened.) This week, the U.S. Commodity Futures Trading Commission (CFTC) released an updated version of its FAQ, sending a clear signal to the futures industry: regulated futures advisory firms may use tokenized asset portfolios to manage client funds, and may treat the blockchain ledger as an official record without maintaining any additional off-chain bookkeeping. The CFTC explains this guidance in an official announcement. This document is signed by CFTC Chair Rostin Behnam and responds to a petition filed by the Futures Industry Association (FIA). Its core aim is to clarify whether the Commodity Exchange Act’s bookkeeping and record-storage requirements are compatible with the on-chain characteristics of tokenized assets. What does “No Action Letter” mean? A “No Action Letter” is an informal form of guidance commonly used by U.S. regulators. It is not a regulation or a formal ruling, but in practice it amounts to: “As long as you meet the following conditions, we will not take enforcement action against you.” For the industry, this is effectively a safe harbor. In the letter, the CFTC sets out three conditions: the futures advisory firm’s tokenized asset portfolio must (1) invest only in asset types that futures firms are allowed to invest in under U.S. federal or state law; (2) investment decisions must still be handled by the regulated RIA; and (3) on-chain records must be verifiable, tamper-proof, and fully accessible by the CFTC when enforcing the rules. Blockchain ledgers = official records—this is the key breakthrough The Futures Advisory law requires RIAs to keep complete trade records, customer account details, fund flow information, and more, and these records must be available immediately during inspections. In the past, this was viewed as the biggest compliance obstacle for tokenized investments: if the assets and the ledger are both on-chain, how would traditional off-chain audit processes work? This time, the CFTC’s answer is straightforward: as long as the blockchain meets standards of verifiability, immutability, and accessibility, the on-chain records can directly satisfy the CEA (Commodity Exchange Act) bookkeeping requirements. This means futures firms no longer have to spend money maintaining two parallel sets of ledgers, and compliance costs for tokenized assets will be significantly reduced. What assets can be invested in? The CFTC did not limit this guidance to specific assets. As long as the asset type itself is something a futures firm can legally invest in, it can be included in a tokenized portfolio. In practice, this covers tokenized U.S. Treasuries, commercial paper, structured products, and even stocks. This complements the SEC’s just-released on-chain U.S. stock trading exemption last week: the SEC opened the trading markets, while the CFTC provided compliance support on the management side. It’s worth noting that the CFTC intentionally avoids the compliance issues of cryptocurrencies themselves. This guidance assumes “tokenized traditional assets” (such as tokenized Treasuries or tokenized stocks), not directly holding crypto assets like BTC or ETH. If a futures firm wants to manage crypto-native products, it still must follow the existing CFTC regulatory framework for crypto assets. The role of the Futures Industry Association (FIA) This petition was submitted by the Futures Industry Association (FIA). The FIA is the world’s largest futures industry organization, with members including CME Group, ICE, Nasdaq, major banks, and clearinghouses. In its announcement, FIA Chairman Tim Skern said that this guidance removes the final obstacle to tokenization in the futures industry: “We can finally turn on-chain settlement from concept into reality.” The FIA’s choice carries strong symbolic meaning: it represents that the senior leadership of the traditional futures industry has already viewed tokenization as an inevitable path, not a fringe experiment in the crypto space. When institutions like CME and ICE begin pushing compliance frameworks, the scale expansion of RWA will happen faster than many expect. Ongoing watch This No Action Letter applies only to futures advisory firms under CFTC jurisdiction; it does not cover investment advisers or banks under SEC jurisdiction. But its impact may spread outward. Since the SEC and the Fed are still in the exploratory phase regarding the regulation of stablecoins and tokenized assets, once the CFTC gives clear guidance, other regulators may look to it or follow up. Related coverage The White House economist calls out banks: earning interest on stablecoins affects banks’ lending by only 0.02%; regulation constraints should be relaxed Nasdaq invests $100 million in Kraken’s parent company Payward!, teaming up to build “stock tokens” to bridge traditional and crypto markets Ondo Finance teams up with LayerZero to launch a “securities cross-chain bridge”: seamless transfers of tokenized stocks and ETFs, now supported on Ethereum and BSC CFTC upgrades crypto guidance! Tokenized assets and blockchain bookkeeping are all recognized—regulatory clarity improves further CFTC Chair: a large-scale wave of tokenization is coming; SEC simultaneously opens up on-chain trading of U.S. stocks. “CFTC gives futures firms the green light: invest in tokenized RWA assets, and blockchain ledgers can serve as official records.” This article was first published on BlockTempo (動區BlockTempo, the most influential blockchain news media for dynamic trends).