CFTC Chair: Tokenization Could Become the Foundation of a New Financial System

• Michael Selig called real-world asset tokenization one of the most important financial innovations.
• In his view, tokenized collateral could make liquidity more dynamic, and markets more resilient.
• The CFTC is working on rules for tokenized collateral and the use of stablecoins in derivatives markets.

US Commodity Futures Trading Commission (CFTC) Chair Michael Selig said that real-world asset tokenization could become the foundation of a more efficient financial system. According to him, blockchain can enable near-instant settlement and the movement of collateral between clearinghouses, intermediaries, and end users.

Speaking at a US Treasury market conference, Michael Selig said financial markets are entering a period of rapid technological transformation. In his view, derivatives markets are increasingly adopting digital infrastructure built on blockchain, stablecoins, and other technologies.

He separately highlighted real-world asset (RWA) tokenization, calling it one of the most important innovations for the future of the financial system.

“High-quality tokenized collateral has the potential to make liquidity more dynamic and markets more resilient,” Selig said.

According to him, blockchain and tokenized assets could form the backbone of a financial system that delivers near-instant settlement and real-time collateral movement between clearinghouses, intermediaries, and end users.

The CFTC chair compared the potential impact of tokenization to the shift from hand signals to electronic trading. In his view, this technology could do the same across different asset classes.

CFTC Prepares for Onchain Finance

Selig noted that the regulator must prepare markets for a world of onchain finance and 24/7 trading. At the same time, he said the CFTC does not plan to apply a one-size-fits-all approach across all asset classes.

The regulator is already working on rules for using tokenized collateral in derivatives markets. The commission has also published a set of frequently asked questions on the use of tokenized collateral and continues to refine the relevant rules.

According to Selig, the CFTC will next look for additional ways to responsibly roll out stablecoins for market participants, exchanges, and clearinghouses.

Stablecoins Could Become Part of the New Infrastructure

Selig assigned a distinct role to stablecoins in the transition of financial markets to digital infrastructure. He noted that after the GENIUS Act was passed, the CFTC is working on the issue of using stablecoins in derivatives markets.

In the regulator chair’s view, tokenized collateral and stablecoins could improve the efficiency of moving capital and collateral among different participants in the financial system.

At the same time, Selig emphasized that the regulatory approach must remain principles-based. The CFTC, he said, will support innovations that strengthen the resilience and competitiveness of US markets, while preserving their integrity.

He also noted that the next decade could bring more change to financial markets than the previous several decades combined, driven in particular by tokenization, onchain finance, and 24/7 trading.

As a reminder, in April 2026, the CFTC chair said the agency would deploy AI to offset staff cuts.

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