The regulators are no longer asking whether markets will be tokenized. They are asking how.
Speaking at the U.S. Treasury Market Conference in New York on 22 September, Commodity Futures Trading Commission (CFTC) Chairman Michael Selig set out how the agency intends to prepare U.S. derivatives markets for tokenization, faster settlement and extended trading hours.
His framing was direct: "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."
Tokenized collateral and stablecoins
The practical focus is collateral. Tokenized Real-World Assets (RWAs) can move between clearinghouses, intermediaries and end users in near real time, with settlement that is close to instant. For margin and liquidity management, that is a material change from today's batch-based processes.
The CFTC has already broadened the definition of eligible tokenized collateral to include certain payment stablecoins issued by national trust banks, and has said it will look at wider stablecoin use by exchanges, clearinghouses and other regulated entities. The agency intends to take a principles-based approach as adoption grows.
Continuous trading, but not for everything
The most important line in the speech, in our view, was this: "The Commission will not take a one‑size‑fits‑all approach to 24/7 trading."
Selig pointed to crypto assets and precious metals as candidates for continuous trading, while noting that agricultural products, energy contracts and certain financial products have characteristics that may not suit round-the-clock markets. Any move to extended hours must come with surveillance, margining and operational controls that work around the clock. The CFTC has already sought public comment on 24/7 trading in energy futures.
A regulatory week that points one way
The speech came in a busy week. On 15 September the CLARITY Act failed a procedural vote in the Senate, 49 to 50, short of the 60 votes needed. Two days later, the CFTC reportedly sent its crypto market rulemaking to the White House Office of Information and Regulatory Affairs (OIRA) for review, and the Securities and Exchange Commission (SEC) granted a five-year conditional exemption allowing permissioned venues to trade tokenized National Market System (NMS) stock. With legislation stalled, the agencies are moving within their existing authorities.
What this means for private markets
The CFTC's position on continuous trading mirrors the principle Catenatus is built on. Liquidity design should follow the asset.
A crypto asset can trade around the clock because its price discovery and settlement support it. A private equity fund interest, a loan participation or a Special Purpose Vehicle (SPV) interest cannot. These assets carry transfer restrictions, investor eligibility rules, periodic valuations and governing documents that an always-on order book ignores.
That is why Catenatus uses controlled liquidity: timed auctions, sealed bids, Dutch auctions and Net Asset Value (NAV)-gated windows, with the institution deciding when, how and for whom liquidity is available. It is the same logic the CFTC is applying to derivatives, market by market, with the controls in place before the market opens.
Faster rails, yes. The same calendar for every asset, no.
Sources: CFTC, Chairman Selig's remarks at the U.S. Treasury Market Conference, 22 September 2026; CFTC request for comment on 24/7 energy futures trading; SEC press release, 17 September 2026; crypto.news, CFTC submits crypto market framework for White House review; The Crypto Times, CLARITY Act fails 49-50 in US Senate; Tron Weekly, CFTC chair signals tokenization push