A pilot program in which the CFTC certifies the use of Bitcoin and Ether as collateral for derivatives

The US Commodity Futures Trading Commission (CFTC) launched a digital asset pilot program on December 8, allowing Bitcoin, Ether, and USDC to be used as margin collateral in derivatives markets – a move that industry leaders described as a watershed moment in cryptocurrency adoption.

Acting President Carolyn D. announced Fam Initiative Together with a new guide on tokenized guarantees and the withdrawal of management recommendations 20-34, a directive issued in 2020 that limited the use of virtual currency in segregated accounts.

The pilot program outlines a three-month trial with strict reporting and risk standards

The announcement follows the passage of the GENIUS Act, which creates a federal framework for stablecoins for payments. The law requires a 1:1 reserve and limits issuance to approved entities.

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The pilot establishes a framework for futures contract brokers (FCMs) to accept unlisted digital assets as margin collateral for clients. During the initial three-month phase, eligible assets are limited to BTC, ETH, and USDC. FCM brokers must submit weekly reports and notify regulators of any major issues. FCM brokers who settle in various derivative contract settlement organizations must apply the most conservative haircut ratio in all DCOs.

“Under my leadership this year, the CFTC has led the way toward a golden age of innovation and cryptocurrencies in America,” Pham said. “Americans deserve safe American markets as an alternative to offshore platforms.”

The CFTC has also issued guidance that allows Symbolic applications of real-world assets – including US Treasury securities and money market funds – to act as collateral under existing regulatory frameworks.

The industry response came quickly. Coinbase’s head of policy, Fayar Shirzad, noted to“Congress passed the GENIUS Act bipartisanly to lay the foundations for stablecoins to become a critical settlement tool in our financial system going forward.”

Crypto.com CEO Chris Marszalek highlighted the practical implications: “This means that 24/7 trading has become a reality in the United States.”

Regulatory clarity can shift institutional capital from overseas to US markets

The framework unlocks significant capital efficiency. Traditional margin requirements require participants to hold cash or low-yielding securities; A digital asset collateral allows traders to maintain exposure to cryptocurrencies while meeting margin obligations.

However, the implementation will be gradual. FCM brokers must build a custody infrastructure, establish evaluation procedures for 24/7 markets, and train staff. The industry will be closely monitoring progress in the coming months.