[Federal Reserve Document Proposes Initial Margin Requirements for Cryptocurrency Derivatives] According to Cointelegraph, a new analysis report released by the Federal Reserve on Wednesday suggests that cryptocurrencies should be classified as a distinct asset class for the purpose of initial margin requirements in the "non-cleared" derivatives market (including over-the-counter transactions and other trades not conducted through centralized clearinghouses). The report points out that the volatility of floating cryptocurrencies like Bitcoin and Ethereum, as well as stablecoins pegged to other assets, differs significantly from traditional asset classes, making it unsuitable to apply the standardized initial margin models used for interest rates, equities, foreign exchange, and commodities. The authors recommend setting differentiated risk weights for these two types of crypto assets and propose constructing a benchmark index composed of an equal mix of floating digital assets and pegged stablecoins. This index could serve as a proxy variable to simulate cryptocurrency market volatility and behavior, enabling more precise calibration of risk weights. Initial margin is a core risk management mechanism in the derivatives market, requiring traders to pledge collateral to mitigate counterparty default risks. The high volatility of crypto assets means traders need to provide a higher proportion of collateral as a buffer. This report reflects the U.S. federal level's technical preparations to incorporate crypto assets into the existing regulatory framework.