- CFTC launches a pilot allowing BTC, ETH, and USDC as collateral in US derivatives markets
- New guidance clears the path for tokenized real-world assets and modernized custody rules
- Industry leaders call the move a breakthrough that brings 24/7 regulated crypto trading to the US
The Commodity Futures Trading Commission has officially launched a digital assets pilot program that allows Bitcoin, Ethereum, and USDC to be used as collateral across US derivatives markets. Acting Chairman Caroline Pham framed the move as a milestone in America’s push toward becoming a global crypto leader, fulfilling key goals of the government’s GENIUS Act and the broader Crypto Sprint initiative.
Pham emphasized that recent offshore exchange failures made clear that Americans need safer, regulated domestic markets. With this pilot, she said, the CFTC is finally putting long-requested guardrails in place while opening the door to responsible innovation.
Industry leaders call it a watershed moment
Major firms responded with enthusiasm. Coinbase said the CFTC’s clarity confirms what builders have argued for years — that tokenization can reduce cost and risk across traditional finance. Circle highlighted the benefits of near-real-time settlement, pointing out that stablecoins lower friction and improve collateral efficiency.
Crypto.com praised Pham directly, saying the move now makes 24/7 regulated crypto trading a reality in the US and brings tokenized collateral into parity with global markets. Ripple added that the pilot finally unlocks the capital efficiency institutions have been waiting for, reinforcing US leadership at a critical moment.
What the pilot actually allows
The CFTC’s guidance outlines how tokenized assets — including Treasuries and money market funds — can be used inside futures and swaps markets. It also details custody rules, valuation standards, and risk controls so firms can use blockchain-based collateral without creating new vulnerabilities.
As part of the initial rollout, Futures Commission Merchants may only accept bitcoin, ether, and USDC for the first three months. Weekly reporting requirements will give the CFTC close visibility into how digital collateral behaves in real market conditions. This structure lets innovation move forward while regulators monitor systemic risk.
Rewriting outdated rules for a tokenized future
Alongside the pilot, the CFTC withdrew Staff Advisory 20-34, the policy that once limited how virtual currencies could be used as customer collateral. With the GENIUS Act in place and tokenization maturing quickly, the agency said the old guidance no longer applies.
These changes follow months of feedback through public comment channels, the CFTC’s Crypto CEO Forum, and the Global Markets Advisory Committee. The result is a framework that brings digital assets deeper into regulated markets while still treating them through a technology-neutral, risk-based lens.
