The US Commodity Futures Trading Commission (CFTC) has taken one of its biggest steps yet toward bringing crypto into regulated finance, launching a pilot that lets Bitcoin, Ether and USDC serve as collateral in derivatives markets.
Acting Chairman Caroline Pham announced the program in Washington, along with new guidance on tokenized collateral and the withdrawal of older rules that no longer align with the GENIUS Act.
The pilot marks a shift toward integrating digital assets into futures and swaps markets while giving regulators real time visibility into how tokenized collateral performs.
US Derivatives Regulator Opens Path For Tokenized Assets To Back Trades
Pham said the initiative aims to give US traders safer, CFTC-supervised venues after heavy losses on offshore platforms. She added that the agency is “launching a US digital assets pilot program for tokenized collateral, including Bitcoin and Ether,” with guardrails for customer protection and tighter monitoring.
The CFTC’s three divisions also issued guidance confirming that tokenized assets can be evaluated under the existing framework. The guidance covers tokenized real-world assets such as US Treasuries and money market funds and addresses custody, segregation, valuation haircuts and operational risks.
The agency also granted no-action relief for futures commission merchants that want to accept certain non-securities digital assets as customer margin.
Pilot Starts With Bitcoin, Ether And USDC As CFTC Gains Fresh Market Visibility
For the first three months, FCMs can only accept BTC, ETH and USDC. They must file weekly reports on the amounts held and notify the agency of any major issues, giving the CFTC early insight into market behaviour without blocking adoption.
In a parallel move, the CFTC withdrew a 2020 advisory that restricted the use of virtual currencies as collateral, saying it no longer reflects current market conditions after years of development and the passage of the GENIUS Act.
Crypto Execs Call CFTC Guidance A Milestone For US Market Innovation
Crypto firms welcomed the shift. Coinbase’s chief legal officer Paul Grewal said the decision confirms that digital assets can make payments faster and cheaper. Circle president Heath Tarbert said supervised stablecoins will reduce settlement frictions and support round-the-clock trading.
Crypto.com CEO Kris Marszalek called the guidance “an important milestone,” linking it to President Trump’s goal of making the US “the crypto capital of the world.”
Ripple’s Jack McDonald added that recognizing tokenized assets as eligible margin improves capital efficiency and strengthens US leadership in financial innovation.
The CFTC said the pilot and guidance reflect recommendations from the Digital Asset Markets Subcommittee and feedback from industry forums. Bitcoin, Ether and USDC are set to take on a more formal role in US derivatives markets as regulators monitor how tokenized collateral performs in practice.
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