Overview
- The Federal Reserve, FDIC and OCC said eligible tokenized instruments should be treated the same as their non‑tokenized equivalents for regulatory capital.
- The guidance applies to assets issued on permissioned or permissionless blockchains, reflecting a consistent approach regardless of network design.
- Eligible tokenized securities may be recognized as financial collateral under the same haircuts and legal criteria required for traditional securities.
- Derivatives that reference tokenized securities receive the same capital treatment as derivatives tied to conventional forms of the same assets.
- Banks must still meet existing legal, operational, valuation, AML and risk‑management standards, with SEC guidance continuing to govern securities‑law questions including synthetic tokens.