The CFTC is launching a pilot that lets regulated derivatives firms post BTC, ETH, and USDC as collateral, aiming to modernize markets and cut outdated restrictions.
Posted December 9, 2025 at 8:23 am EST.
The U.S. Commodity Futures Trading Commission (CFTC) launched a pilot program on Monday allowing bitcoin, ether, and USDC to serve as margin collateral for futures commission merchants (FCMs) in regulated derivatives markets.
Acting Chairman Caroline Pham announced the initiative, which includes strict weekly reporting on customer holdings, immediate issue notifications, and enhanced CFTC oversight to protect assets.
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It withdraws the 2020 Staff Advisory 20-34, enabling tokenized assets amid advancements from the GENIUS Act.
“Our new guidance will enable tokenized markets, and we’re cutting red tape that is outdated,” said Pham.
Pham believes the move would boost capital efficiency, enable instant onchain settlement, and position U.S. markets as a safer alternative to offshore platforms.
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