Michael Selig, chairman of the CFTC, told an audience at the New York Fed that the next decade will transform US finance more than previous decades combined, driven by tokenization, on-chain finance and 24/7 trading. Since February, the agency has accepted stablecoins issued by national trust banks as eligible collateral for clearing houses, and a public consultation is underway on round-the-clock energy derivatives trading. Approximately $15 billion in US public debt already circulates as tokens through BlackRock and Franklin Templeton’s tokenized money market funds. Without legislation passed by the Senate, the CFTC and SEC are proceeding through administrative channels, a faster but reversible approach in the medium term.
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