The Commodity Futures Trading Commission is rolling out a pilot program that paves the way for the use of certain digital assets, including Bitcoin (BTC), Ethereum (ETH) and USD Coin (USDC), as collateral in the US derivatives markets.
CFTC Acting Chair Caroline D. Pham said the initiative reflects the growing adoption of digital assets within regulated financial systems, while what she called “appropriate guardrails” remain in place.
“Under my leadership, the CFTC has led the way this year into America’s Golden Age of Innovation and Crypto. This need has never been more important given the recent customer losses on non-US crypto exchanges. Americans deserve safe US markets as an alternative to offshore platforms, which is why I announced last week that spot crypto can now be traded on CFTC-registered exchanges.
Today I’m launching a U.S. digital asset pilot program for tokenized collateral, including bitcoin and ether, in our derivatives markets, which establishes clear guardrails to protect clients’ assets and provides enhanced CFTC monitoring and reporting. The CFTC also provides regulatory clarity through tokenized collateral guidelines for real assets such as U.S. Treasury securities, and by repealing CFTC requirements that are now obsolete under the GENIUS Act. As I have said before, embracing responsible innovation will keep U.S. markets leading the world and fuel progress that will unleash U.S. economic growth as market participants can safely put their dollars to work and move forward.”
The move includes new guidance from three CFTC divisions outlining how tokenized assets can be used in futures and swaps.
Regulators emphasized that the CFTC rules are technology neutral and that tokenized assets, such as government bonds or money market fund shares, should be assessed individually within existing frameworks.
The guidance addresses issues such as custody, valuation, legal enforceability and operational risk.
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