BTC, ETH, USDC as Collateral in CFTC Crypto Pilot

The Commodity Futures Trading Commission (CFTC), under Acting Chairman Caroline Pham, has initiated a pilot program permitting the use of select digital assets—specifically Bitcoin (BTC), Ether (ETH), and payment stablecoins like USDC—as collateral in U.S. derivatives markets. This program establishes "clear guardrails" to protect customer assets and enhance CFTC monitoring and reporting for participating futures commission merchants (FCMs) that meet specific criteria. These firms must adhere to strict custody and reporting requirements, including weekly disclosures for the first three months. Furthermore, the CFTC issued a no-action letter allowing limited permission for FCMs to hold certain digital assets in segregated customer accounts and officially withdrew outdated 2020 guidance that previously blocked crypto collateral use. Industry leaders, such as Coinbase's Chief Legal Officer Paul Grewal, praised the move as fulfilling the intent of the GENIUS Act.

(Source：CoinDesk)