They may not even have to maintain offchain versions of the records if the firm is using a private network. If the blockchain is public and permissionless, the document said, the regulated business “should establish systems and controls that enable it to retain and produce such records under any circumstances, including in the event of an emergency or other disruption to the network.”
The CFTC has been hurrying to erect new policies, whether by stating an updated, crypto-friendly view on existing regulations or writing new rules. The process has been especially urgent after the U.S. Senate’s failure last week to advance the Digital Asset Market Clarity Act that would have set up a U.S. regulatory regime for the industry, including granting the CFTC powers over the crypto spot markets — which remains a regulatory hole for the sector.
“I’m pleased to see staff update these frequently asked questions consistent with the agency’s ongoing efforts to provide regulatory clarity for the crypto industry,” CFTC Chairman Mike Selig said in a statement.
Read More: CFTC sends crypto rules to White House to review as Congress stalls on Clarity Act
