**[U.S. CFTC Launches Digital Asset Collateral Pilot Program: Bitcoin, Ethereum, and USDC Can Be Used as Margin in Derivatives Markets]** Odaily Planet Daily News: Caroline D. Pham, Acting Chair of the U.S. Commodity Futures Trading Commission (CFTC), announced the launch of a digital asset collateral pilot program, allowing digital assets such as BTC, ETH, and USDC to be used as compliant margin in regulated derivatives markets in the U.S. The CFTC also issued regulatory guidance on tokenized collateral and repealed outdated rules rendered invalid by the introduction of the GENIUS Act. The CFTC stated that this initiative marks a significant milestone in advancing the application of tokenized assets in regulated markets. It provides a clear regulatory framework for futures and swaps markets, including the scope of tokenized assets, legal enforceability, custody and segregation requirements, valuation and risk management, and operational risks. During the initial three-month period, FCMs (Futures Commission Merchants) will be limited to accepting BTC, ETH, and USDC as digital asset collateral and must report their holdings weekly to the CFTC in segregated accounts. Meanwhile, the CFTC is granting "no-action" relief to FCMs accepting digital assets as margin, providing regulatory clarity for institutions while requiring robust risk controls. Additionally, the CFTC has rescinded Staff Advisory 20-34, citing the GENIUS Act and rapid developments in recent years that have rendered its content obsolete. Several industry companies have welcomed this move. Coinbase's Chief Legal Officer stated that the CFTC's decision demonstrates that stablecoins and digital assets can enhance payment efficiency. Circle's President remarked that this initiative will reduce settlement friction and strengthen the dollar's dominance. Crypto.com’s CEO called it a "historic moment in U.S. crypto history." Ripple executives noted that explicitly including stablecoins as eligible margin will bring higher capital efficiency. The CFTC emphasized that these actions incorporate feedback from market participants, public comments, Crypto CEO roundtable discussions, and recommendations from its Global Markets Advisory Committee.