Commodity Futures Trading Commission (CFTC) Acting Chairman Caroline D. Pham on Dec. 8 announced “the launch of a digital assets pilot program for certain digital assets, including BTC, ETH, and USDC, to be used as collateral in derivatives markets,” accompanied by new guidance and the withdrawal of outdated requirements. The action underscores the CFTC’s effort to expand responsible digital asset use within regulated U.S. markets.

Acting Chairman Pham stated:

Today, I am launching a U.S. digital assets pilot program for tokenized collateral, including bitcoin and ether, in our derivatives markets that establishes clear guardrails to protect customer assets and provides enhanced CFTC monitoring and reporting.

She explained that the initiative is designed to strengthen domestic market protections following incidents on offshore platforms and to ensure Americans have access to safer, regulated alternatives. Pham said the agency is providing regulatory clarity for tokenized real world assets, including U.S. Treasuries and money market funds, by outlining how firms should address legal enforceability, segregation, custody, valuation, and operational risks when using tokenized collateral. She added that outdated requirements superseded by the GENIUS Act were withdrawn to reduce barriers that previously limited innovation.

Read more: First-Ever Spot Crypto Trading Goes Live on a CFTC-Registered Exchange

The announcement further described how the pilot program will operate. The CFTC set initial parameters restricting Futures Commission Merchants to accepting bitcoin, ether, and USDC as margin collateral during the program’s first three months. Weekly reporting will be required to detail the amount and type of digital assets held in each customer account class, and firms must promptly notify the agency of any significant issues.

Moreover, the no-action relief issued by the Market Participants Division establishes conditions under which non-securities digital assets may be deposited as margin or residual interest, enabling the agency to monitor risk while allowing controlled experimentation. Pham said embracing responsible innovation ensures U.S. markets remain the world leader and supports economic growth by enabling participants to “put their dollars to work smarter and go further.”

• Which assets qualify as collateral in the CFTC pilot?
  The pilot permits bitcoin, ether and USDC as margin collateral during its initial phase.
• Why did the CFTC withdraw outdated requirements?
  They were superseded by the GENIUS Act and removed to reduce barriers to innovation.
• What reporting is required under the program?
  Firms must provide weekly reports on digital asset holdings and notify the CFTC of major issues.
• How does the program support safer market participation?
  It sets guardrails for custody, valuation and operational risks while allowing controlled experimentation.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。