The CFTC just authorized Bitcoin, ETH, USDC only for US leverage, leaving XRP, SOL stranded in risky limbo

The Commodity Futures Trading Commission (CFTC) launched a digital assets pilot program authorizing Futures Commission Merchants (FCMs) to accept Bitcoin (BTC), Ethereum (ETH), and USDC as eligible margin for derivatives trading. This move integrates these tokens into the US operational framework for futures and swaps clearing, subjecting them to US bankruptcy protections and regulatory oversight, which Acting Chair Caroline Pham noted is crucial following recent losses on offshore exchanges. The pilot deliberately excluded assets like Solana (SOL) and XRP, likely due to concerns over liquidity depth, volatility, and ease of valuation during stress, favoring assets with established domestic liquidity like BTC and ETH. While Ripple leadership views the inclusion of USDC as a positive step validating tokenized collateral, the exclusion suggests the CFTC is proceeding cautiously, establishing regulatory rails in stages based on asset stability and risk management standards.

(Source：CryptoSlate)