CFTC Launches Pilot Program Allowing Bitcoin To Be Used as Collateral In Derivatives Markets

The Commodity Futures Trading Commission (CFTC) has initiated a U.S. digital assets pilot program that permits Bitcoin, Ethereum, and the stablecoin USDC to be utilized as collateral within regulated derivatives markets. This policy shift includes new guidance for tokenized collateral, a temporary no-action framework for futures commission merchants (FCMs), and the removal of outdated restrictions following the passage of the GENIUS Act. Acting CFTC Chair Caroline Pham stated the program aims to expand digital asset use while ensuring customer protection and enhanced regulatory oversight. Under the pilot, FCMs can temporarily accept these digital assets as customer margin, requiring weekly reporting during the initial three months to monitor operational risks. Furthermore, the CFTC issued formal guidance emphasizing that its rules are technology-neutral, requiring tokenized assets to be assessed individually under existing frameworks, and withdrew a 2020 advisory that previously restricted the use of virtual currencies as collateral.

(Source：Bitcoin Magazine)