Bitcoin is now accepted “security” for US market bets, but your account balance won’t go as far

The Commodity Futures Trading Commission (CFTC) has initiated a supervised pilot program, outlined in Release 9146-25, permitting Bitcoin (BTC), Ether (ETH), and USDC to be accepted as collateral for US derivatives trades. This move, coupled with clearing the path for spot crypto products on registered exchanges, signals a shift toward integrating crypto directly into the regulated US financial system rather than pushing it to the fringes. The pilot requires Futures Commission Merchants (FCMs) to adhere to strict controls, including asset segregation, constant reporting, and conservative valuation 'haircuts' to offset volatility. The initial phase is restricted to BTC, ETH, and USDC to gather clean data over a temporary period, typically one to two years. This change reduces friction for institutional traders who currently must convert crypto to dollars for margin, potentially drawing activity onshore and offering regulated platforms a competitive edge against offshore venues. While retail users may not see immediate changes, successful data collection could lead to permanent integration and expanded use cases.

(Source：CryptoSlate)