Original | Odaily Planet Daily (@OdailyChina)
This morning, Caroline D. Pham, acting chair of the U.S. Commodity Futures Trading Commission (CFTC), announced the launch of a pilot program for digital asset collateral, allowing digital assets such as BTC, ETH, and USDC to be used as compliant margin in regulated derivatives markets in the U.S. She also released regulatory guidelines regarding tokenized collateral and abolished old regulations that became ineffective due to the introduction of the "GENIUS Act." Additionally, Caroline D. Pham stated, "As I have said before, adhering to the principle of responsible innovation can ensure that the U.S. market remains world-leading and drives U.S. economic growth, as market participants can use funds more safely to achieve greater investment returns."
Digital Assets Officially Enter the Derivatives Market with Compliance
The CFTC's launch of the digital asset collateral pilot program is essentially a proactive policy opening by U.S. regulators. In the past, margin in the U.S. regulated derivatives market could only exist in traditional asset forms such as cash, government bonds, and commercial paper, excluding crypto assets. The initiation of the pilot program means that regulators have explicitly acknowledged for the first time that digital assets can participate as collateral in mainstream financial transactions. The specific details of the program are as follows:
Applicable Entities: Futures Commission Merchants (FCMs)
The pilot program targets licensed futures commission merchants, which are core participants in the derivatives market responsible for holding client funds, providing margin management, and clearing channels.
Usable Assets: BTC, ETH, USDC
In the initial three months, the digital asset collateral acceptable to FCMs is limited to BTC, ETH, and USDC, and they must report their positions to the CFTC weekly on a segregated account basis. Regulators have clearly stated that this move adheres to the principle of "technological neutrality," focusing on risk attributes rather than asset labels.
Strict Regulatory Requirements
To ensure the stability of the traditional financial system, the CFTC has set forth highly prudent requirements, including:
- Digital assets must be stored in segregated accounts and cannot be mixed with the institution's own funds;
- FCMs must report position changes to the CFTC weekly;
- Significant issues must be reported immediately;
- The CFTC will apply the most conservative haircut to digital assets to hedge against price volatility risks.
In other words, regulation is not simply a free pass but rather the establishment of a controllable, auditable, and traceable institutional framework.
Abolishing Old Regulations and Introducing New Guidelines
With the launch of the digital asset collateral pilot program, the CFTC announced the abolition of the 2020 Notice 20-34—this old regulation is no longer suitable for the current market following the passage of the "GENIUS Act." The CFTC also released new regulatory guidelines for "tokenized collateral," providing a regulatory foundation for the on-chain transformation of traditional assets such as "tokenized government bonds and tokenized funds."
Shift in Regulatory Attitude: Providing "No-Action Relief"
For FCMs wishing to pilot digital asset margin, the CFTC has provided "No-Action Relief," offering regulatory clarity to institutions while requiring them to maintain robust risk controls. This is equivalent to the CFTC clearly expressing to institutions: "Conduct business within the regulatory framework, and we will not impose additional enforcement risks." For traditional institutions looking to enter the crypto space, this is a crucial "confidence booster."
Industry Leaders' Perspectives
Coinbase: Confirming Industry Consensus and Promoting Payment Revolution
Coinbase Chief Legal Officer Paul Grewal stated on the X platform, "The CFTC's launch of the digital asset collateral pilot program confirms the long-standing consensus in the crypto industry: stablecoins and digital assets can make payments faster, cheaper, and reduce risks." Paul Grewal pointed out that this pilot aligns with the original intention of Congress when passing the "GENIUS Act," paving the way for stablecoins as key settlement tools to achieve faster and lower-cost cross-border payments. Coinbase Chief Policy Officer Faryar Shirzad added that this move will significantly enhance the practicality of digital assets, attracting more institutional investors into regulated markets. At the same time, the potential of stablecoins as settlement tools will be fully realized, promising faster and lower-cost cross-border payments.
Crypto.com: Opening the 24/7 Trading Era in the U.S., a Milestone for Crypto Assets to Mainstream Finance
Crypto.com CEO Kris Marszalek stated on the X platform, "This announcement will enable the U.S. to achieve a true 24/7 trading reality, promoting deep integration of crypto assets with mainstream finance." He emphasized that the use of tokenized collateral will reduce settlement friction, enhance liquidity, and set a benchmark for global markets, marking not only a technological advancement but also a "green channel" for regulatory innovation.
Circle: Reducing Settlement Risks and Embracing Real-Time Clearing
Circle President Heath Tarbert commented, "This is a 'unlocking moment' for the crypto market, allowing institutions to efficiently manage risks while maintaining asset exposure. These changes will significantly reduce settlement risks and friction in derivatives trading by enabling near real-time margin settlements." Additionally, Heath Tarbert specifically mentioned that USDC, as qualified collateral, will further solidify the core role of stablecoins in traditional finance.
Ripple: Unlocking Capital Efficiency, U.S. Regains Leadership
Ripple responded that this pilot "finally provides institutions with the long-awaited capital efficiency unlocking," reinforcing the U.S.'s global leadership position at a critical time. It also noted that allowing BTC, ETH, and USDC to be used directly as margin will reduce the friction institutions face when converting crypto assets to cash, driving trillions of dollars into the regulated derivatives market, marking a strategic shift from "offshore uncertainty" to "domestic compliance."
In summary, while the digital asset collateral pilot program is a short-term test (lasting three months), its strict reporting and risk control mechanisms (such as weekly position disclosures and maximum haircut rates) ensure a secure foundation while paving the way for future expansion. In the short term, the impact on retail investors is limited, but in the long term, it is indeed an important signal of institutional-level recognition.
A True Turning Point for U.S. Crypto Regulation
The CFTC's digital asset collateral pilot not only means that BTC, ETH, and USDC can be used as compliant margin but also marks the first time digital assets have entered the U.S. core financial market with a institutional identity. The futures and swaps markets are the most important financial hubs globally, and when crypto assets can be pledged and used in these markets, they leap from "speculative assets" to regulated financial instruments, providing institutional investors with a clear compliance path and enhancing market liquidity and capital efficiency.
The inclusion of stablecoin USDC is particularly symbolic, as it is officially recognized as a digital representation of the dollar that can support financial transactions, solidifying the dollar's core position in on-chain payments and settlements, and paving the way for stablecoins as key financial infrastructure. This indicates a shift in U.S. regulation from "restriction" to "institutional guidance," providing a clear framework for the development of tokenized finance, including core requirements for custody, segregation, valuation, and risk management, laying the groundwork for the on-chain transformation of tokenized government bonds, funds, and money market instruments.
In the short term, this pilot has limited impact on retail investors, as its strict reporting and risk management mechanisms ensure market safety. However, in the long term, this is an important signal of institutional-level recognition, meaning that more capital will flow into the crypto market through regulated channels, the settlement function of stablecoins will be fully realized, and the liquidity and market efficiency of derivatives are expected to significantly improve. More importantly, this pilot reflects a structural shift in U.S. regulation: crypto assets are no longer merely speculative objects but can be integrated into the mainstream financial system as institutionalized assets.
If crypto ETFs signify "crypto assets becoming assets," then the CFTC's launch of the digital asset collateral pilot marks "crypto assets officially entering the U.S. financial system." In the future, more assets will be tokenized, and institutions will use on-chain assets as collateral, with the dollar circulating on-chain through stablecoins. This is not only a short-term policy but also heralds a new cycle of deep integration between crypto and mainstream finance.
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