[US CFTC Clarifies Requirements for Crypto Asset Collateral Pilot: BTC/ETH Require 20% Capital Adequacy Ratio] The U.S. Commodity Futures Trading Commission (CFTC) has issued guidance for a pilot program allowing crypto assets to be used as collateral. Futures Commission Merchants (FCMs) are required to submit notices specifying the start date for accepting crypto assets as margin. Key requirements include: Bitcoin and Ethereum must meet a 20% capital adequacy ratio, while stablecoins require 2%; only Bitcoin, Ethereum, or stablecoins can be accepted during the first three months; participants must submit weekly reports on the total amount of crypto assets in customer accounts and promptly report significant cybersecurity or system issues; after three months, the program may expand to include other crypto assets, with some reporting requirements terminated; crypto assets are limited to specific uses and cannot be used as collateral for uncleared swaps; eligible tokenized assets may serve as substitutes. Clearinghouses that meet CFTC risk requirements may accept crypto assets and stablecoins as initial margin for cleared transactions.