CFTC Greenlights Bitcoin, Ether as Derivatives Collateral in Landmark Pilot Program

The US Commodity Futures Trading Commission (CFTC) initiated a digital assets pilot program on December 8, permitting Bitcoin (BTC), Ether (ETH), and USDC to be used as margin collateral in derivatives markets. Acting Chairman Caroline D. Pham announced the initiative, which also included new guidance on tokenized collateral and rescinded a 2020 advisory that restricted virtual currency in segregated accounts. The three-month trial framework allows Futures Commission Merchants (FCMs) to accept these non-securities digital assets as customer margin, provided they adhere to strict weekly reporting and risk standards, including applying the most conservative haircut across all clearing organizations.

The move, which follows the passage of the GENIUS Act establishing a federal framework for payment stablecoins, is hailed by industry leaders as a watershed moment that could shift institutional capital from offshore platforms to US markets by enabling greater capital efficiency and 24/7 trading realities. The CFTC also issued guidance for tokenized real-world assets, like US Treasury securities, to be used as collateral under existing rules. While implementation requires FCMs to develop custody and valuation procedures, the program is seen as paving the way for digital assets to become a critical settlement instrument.

(Source：BeInCrypto)