CFTC-PR-9009-24 (11-21-24)
CFTC’s Global Markets Advisory Committee Advances Recommendation on Tokenized Non-Cash Collateral
- Excerpt: WASHINGTON, D.C. — The Commodity Futures Trading Commission’s Global Markets Advisory Committee, sponsored by Commissioner Caroline D. Pham, today advanced a recommendation to expand the use of non-cash collateral through the use of distributed ledger technology. The GMAC’s Digital Asset Markets Subcommittee also presented on the progress of its Utility Tokens workstream.“All over the world, there have been successful and proven commercial use cases for tokenization of assets, such as digital government bond issuances in Europe and Asia, over $1.5 trillion notional volume in institutional repo and payments transactions on enterprise blockchain platforms, and more efficient collateral and treasury management,” Commissioner Pham said.
“Now, we can finally begin to make progress on U.S. regulatory clarity for digital assets with today’s GMAC recommendation on tokenized non-cash collateral. This marks a significant first step toward realizing these opportunities for our derivatives markets — with exactly the same guardrails and protections in place. Embracing new technology does not mean compromising on market integrity. I’m also excited by the progress of the Utility Tokens workstream and their extensive efforts on a regulatory solution for these key assets which will help to unleash rapid innovation and growth in the digital economy. I applaud the leadership of the GMAC and the Digital Asset Markets Subcommittee and workstreams for promoting the competitiveness of our markets and the United States.”
- Agency: CFTC-PR-2411
- Categories: Digital Assets
- Agency Source: https://www.cftc.gov/PressRoom/PressReleases/9009-24
CFTC-PR-9009-24 (11-21-24)