On February 6, 2026, the CFTC issued No-Action Letter 26-05. This reinforces the CFTC-friendly approach and provides structural benefits to crypto derivatives liquidity (easier leverage, lower institutional participation barriers). Key points: No need for frequent fiat-to-crypto conversions—institutions can maintain crypto holdings while opening derivative positions. The same asset can be used simultaneously for spot holdings + derivative leverage, effectively unlocking more 'idle capital' into the crypto market. Hedge funds, prop trading firms, and other institutions can participate more easily, bringing new trading volume. Expansion to national trust banks issuing (e.g., potential bank-grade stablecoins) further enlarges the pool of eligible collateral. Industry analysis (e.g., AInvest reports) highlights that this 'directly lowers the barrier for futures traders to use stablecoins as margin, expanding derivatives trading volume and collateral demand.' Some FCMs are expected to start pilot programs within 1-3 months. Improved derivatives liquidity → better price discovery → spot market follows (historical data shows BTC spot volatility decreased and depth increased after CME futures launched). If combined with the passage of the Clarity Act or GENIUS Act, compliant stablecoins could further mainstream, with stronger liquidity spillover effects.