CFTC chair pushes tokenization as SEC opens door to onchain stocks

US Commodity Futures Trading Commission (CFTC) Chair Michael Selig said financial markets should prepare for “mass tokenization” as regulators adapt existing frameworks for blockchain, artificial intelligence and onchain markets.In remarks delivered Tuesday at the US Treasury Market Conference, Selig said tokenization of real-world assets (RWAs) could become the foundation of a more efficient financial system, enabling near-instant settlement and real-time collateral movement between clearinghouses, intermediaries and users. “Just as the transition from hand signals to electronic trading advanced our financial system, I believe tokenization can do the same for all asset classes,” Selig said, adding that the CFTC would pursue principles-based rules as tokenization and onchain finance evolve.Selig said in August that the CFTC would move ahead with crypto rules under its existing authority if Congress did not pass the CLARITY Act. The Senate failed to advance the bill on Sept. 15.Related: CFTC issues warning over risky prediction market ‘mention’ contractsOn Sept. 17, the CFTC submitted a regulatory action covering crypto asset transactions and markets for White House review. The fili...