According to CoinMeta, the Federal Reserve of the United States (Federal Reserve) and the Commodity Futures Trading Commission (CFTC) began formulating rules for on-chain finance on September 24. The Federal Reserve proposed the first set of reserve, capital, and approval rules for issuers of payment stablecoins, while the CFTC further opened up existing derivatives infrastructure to support tokenized investments and blockchain record-keeping. The Federal Reserve's proposal requires that payment stablecoins must have sufficient asset backing to meet redemption demands and introduces standardized capital requirements that cover specific credit and operational risks. The CFTC, on its part, updated its guidelines regarding customer funds, margin requirements, and record-keeping, allowing futures commissions and derivatives clearing organizations to use customer funds in tokenized investments.