The top U.S. derivatives regulator made one of the strongest endorsements yet of blockchain-based financial infrastructure, telling industry executives that tokenized markets have already arrived and will define the future of trading.
“The public has spoken: tokenized markets are here, and they are the future,” Caroline Pham, acting chairman of the Commodity Futures Trading Commission (CFTC), said during a keynote address at the Futures Industry Association's annual conference in Chicago.
CFTC Chief Declares Tokenized Markets “the Future”
Pham's comments came as the CFTC races to complete what it calls a “Crypto Sprint,” a 12-month initiative to integrate tokenized collateral, including stablecoins, into the agency's regulatory framework for derivatives markets. The effort aims to address what Pham has long characterized as the biggest practical use case for blockchain technology in traditional finance.
“For years I have said that collateral management is the ‘killer app’ for stablecoins in markets,” Pham told the audience, referencing the operational bottlenecks created when global markets operate around the clock but traditional banking infrastructure does not.
Earlier, a positive view on tokenized securities was expressed by SEC Commissioner Hester Peirce, who said at the end of September that she is willing to work with companies seeking to tokenize assets.
“We are willing to work with people who want to tokenize, we urge them to come talk to us,” Peirce said during a virtual appearance at the Digital Assets Summit in Singapore.
For example, stock futures offered by the crypto exchange Bitget, which are based on tokenized equities, doubled their volume within two weeks, reaching $1 billion. It clearly shows the current hype over tokenized assets among retail traders.
Banks Close While Markets Run
The regulatory push centers on a timing mismatch that has become more acute as futures and derivatives trading extends into evening and weekend hours. Traditional bank payment systems remain offline during those periods, creating what market participants describe as avoidable settlement risk and inefficient use of capital.
Blockchain-based settlement could allow collateral to move between counterparties at any hour, eliminating delays that currently tie up billions of dollars in margin accounts. The CFTC expects to issue formal guidance on tokenized collateral by year-end, with major clearinghouses potentially accepting the new forms of margin as early as the first or second quarter of 2026.
- Tokenized Stocks Get Green Light as France Launches €6 Billion Market Experiment
- Tokenized Stocks Mania Grows as Market Cap Soars 220% in July
- Everything You Need to Know About Tokenized Stocks in 2025
Robinhood is among the platforms beginning to offer 24/7 market access. For now, this applies only to event-based contracts, but there are ambitions to expand the model to other markets in the future.
Boerse Stuttgart’s digital exchange, BX Digital, has also announced the possibility of introducing 24/7 stock trading through tokenization.
The initiative builds on recommendations from the agency's Global Markets Advisory Committee, which concluded last year that tokenization represents “simply another technological wrapper for existing assets” rather than a fundamental reimagining of market structure.
New Revolution
Pham drew parallels between today's blockchain moment and the electronification of securities markets in the 1970s and 1980s, arguing both represent infrastructure upgrades rather than speculative ventures.
“Blockchain technology and the tokenization of financial instruments are not merely new tools; they represent a structural modernization of the market's underlying infrastructure,” she said.
“Just as electronic trading shifted us from paper tickets to integrated, data-rich environments, distributed ledgers shift us from siloed recordkeeping to shared, programmable, and verifiable systems of value,” she added.
Stablecoins Enter the Regulatory Perimeter
The CFTC's approach relies heavily on recently passed legislation that created the first federal regulatory framework for stablecoins, dollar-backed digital tokens designed to maintain a one-to-one value with U.S. currency. The GENIUS Act, signed into law earlier this year, established strict requirements for issuers and explicitly authorized the use of qualifying stablecoins as collateral at CFTC-regulated clearinghouses.
Pham indicated the agency is now considering whether those “qualified payment stablecoins” should be treated as cash equivalents for margin purposes, which would affect how much cushion clearinghouses require when accepting them. The agency is also evaluating whether to allow futures commission merchants and clearinghouses to invest customer funds in stablecoins, subject to concentration limits.
Separately, Pham said tokenized money market funds represent a “fast-follower use case” that would convert daily net asset value shares into blockchain-based instruments capable of moving between custodians around the clock.
