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CFTC has released a set of frequently asked questions (FAQ) detailing how futures commission merchants (FCMs) and derivatives clearing organizations (DCOs) should handle crypto assets used as collateral in derivatives markets. The FAQ, issued by the CFTC’s Market Participants Division and Division of Clearing and Risk, follows two staff letters from December 2025 on tokenized collateral and digital assets accepted as margin. These letters supported a pilot program allowing bitcoin, ether, and USDC to be posted as collateral in derivatives. Key clarifications: FCMs holding proprietary positions in bitcoin or ether must apply a minimum 20% capital charge. Payment stablecoins receive a 2% capital charge. FCMs may deposit their own payment stablecoins as residual interest in customer accounts but cannot use bitcoin or ether for this purpose. Customer funds cannot be invested in stablecoins; the list of permitted investments under Commission Regulation 1.25 remains unchanged. For uncleared swaps, FCMs and swap dealers cannot use crypto as margin, except for tokenized versions of already eligible assets that carry equivalent legal and economic rights. DCOs may accept crypto as initial margin for cleared transactions if the assets meet credit, market, and liquidity requirements. DCOs set their own haircuts, reviewed monthly and subject to stress testing. FCMs using the no-action letter must file notice via the CFTC’s WinJammer system. For an initial three-month period, they may only accept payment stablecoins, bitcoin, and ether from customers, report any significant operational or cybersecurity issues, and submit weekly reports on crypto holdings. After three months, they can expand to other crypto assets. The FAQ also provides a two-phase definition of “payment stablecoin”: Before the GENIUS Act: USD-denominated, issued by a state-regulated financial entity, backed by cash or U.S. Treasuries, with monthly reserve attestations. After the GENIUS Act: follows the law’s framework for qualifying issuers. $BTC {future}(BTCUSDT)

CFTC has released a set of frequently asked questions (FAQ) detailing how futures commission merchants (FCMs) and derivatives clearing organizations (DCOs) should handle crypto assets used as collateral in derivatives markets.
The FAQ, issued by the CFTC’s Market Participants Division and Division of Clearing and Risk, follows two staff letters from December 2025 on tokenized collateral and digital assets accepted as margin. These letters supported a pilot program allowing bitcoin, ether, and USDC to be posted as collateral in derivatives.
Key clarifications:
FCMs holding proprietary positions in bitcoin or ether must apply a minimum 20% capital charge.
Payment stablecoins receive a 2% capital charge.
FCMs may deposit their own payment stablecoins as residual interest in customer accounts but cannot use bitcoin or ether for this purpose. Customer funds cannot be invested in stablecoins; the list of permitted investments under Commission Regulation 1.25 remains unchanged.
For uncleared swaps, FCMs and swap dealers cannot use crypto as margin, except for tokenized versions of already eligible assets that carry equivalent legal and economic rights.
DCOs may accept crypto as initial margin for cleared transactions if the assets meet credit, market, and liquidity requirements. DCOs set their own haircuts, reviewed monthly and subject to stress testing.
FCMs using the no-action letter must file notice via the CFTC’s WinJammer system. For an initial three-month period, they may only accept payment stablecoins, bitcoin, and ether from customers, report any significant operational or cybersecurity issues, and submit weekly reports on crypto holdings. After three months, they can expand to other crypto assets.
The FAQ also provides a two-phase definition of “payment stablecoin”:
Before the GENIUS Act: USD-denominated, issued by a state-regulated financial entity, backed by cash or U.S. Treasuries, with monthly reserve attestations.
After the GENIUS Act: follows the law’s framework for qualifying issuers.
$BTC

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