ChainCatcher message, according to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) launched a pilot program on Monday that allows certain digital assets such as Bitcoin, Ethereum, and USDC to be used as collateral in the U.S. derivatives market.
Acting Chair Caroline Pham stated that this program is part of an initiative to establish rules for the use of tokenized collateral (including tokenized versions of real assets such as U.S. Treasury bonds). Currently, only futures commission merchants (FCMs) that meet specific criteria can participate. These companies can use Bitcoin, Ethereum, USDC, and other payment stablecoins as margin for futures and swap transactions, but they must adhere to strict reporting and custody requirements.
In the past three months, digital asset holdings must be disclosed weekly and reported to the CFTC. In practice, registered companies can use Bitcoin as collateral for commodity leverage swaps, and the CFTC will monitor risks and custody. The agency also issued a no-action letter allowing futures commission merchants to deposit some digital assets into segregated customer accounts under strict risk controls.
The CFTC has rescinded the old guidance from 2020 that hindered the use of cryptocurrency as collateral, as the (GENIUS Act) has updated federal rules, making the guidance obsolete. The CFTC emphasizes that its rules remain technology-neutral, but the tokenized version of real assets (such as government bonds) must meet enforceability, custody, and valuation standards.
