CFTC Expands Crypto Collateral Pilot to Include National Trust Bank Stablecoins
The CFTC expanded its digital asset collateral framework to allow futures commission merchants to accept stablecoins issued by national trust banks as margin.Summary
The US Commodity Futures Trading Commission (CFTC) revised its digital asset collateral framework via Staff Letter 25-40, explicitly authorizing futures commission merchants (FCMs) to accept stablecoins issued by national trust banks as margin. This revision corrected an earlier December guidance that unintentionally excluded federally chartered national trust banks, creating a two-tiered system that favored state-regulated issuers like Circle and Paxos. CFTC Chairman Mike Selig stated this move, alongside the GENIUS Act, solidifies America's leadership in stablecoin innovation. The update is operationally significant for the clearing industry, allowing GENIUS Act compliant stablecoins to be used for institutional derivatives settlement. The CFTC will not recommend enforcement action against FCMs using these newly qualified assets, provided they adhere to enhanced reporting protocols required under the ongoing pilot program, which subjects the industry to stringent oversight regarding digital asset holdings and operational resilience.
(Source：BeInCrypto)