The US Commodity Futures Trading Commission (CFTC) introduced a digital assets pilot program on December 8. This program allows bitcoin, ether, and USDC as margin assets in derivatives markets – a step that industry leaders view as a turning point for crypto adoption.
Caroline D. Pham, the acting chair, announced the initiative along with new guidelines on tokenized collateral and the withdrawal of Staff Advisory 20-34, a guideline from 2020 that had limited the use of virtual currencies in segregated accounts.
The announcement follows the introduction of the GENIUS Act, which establishes a federal framework for payment stablecoins. The law requires 1:1 reserve backing and limits issuance to approved entities.
The pilot provides a framework for Futures Commission Merchants (FCMs) to accept non-security digital assets as customer margin. During the initial three-month period, the allowed assets are limited to BTC, ETH, and USDC. FCMs must submit weekly reports and notify regulators of any significant issues. FCMs clearing with multiple derivatives clearing organizations must apply the most conservative discount rate across all DCOs.
"Under my leadership this year, the CFTC has paved the way for America's Golden Age of Innovation and Crypto," said Pham. "Americans deserve safe American markets as an alternative to offshore platforms."
The CFTC has also issued guidelines allowing tokenized real-world assets – including U.S. Treasury securities and money market funds – as collateral under existing regulatory frameworks.
The response from the industry was swift. Faryar Shirzad, Chief Policy Officer of Coinbase, noted: "Congress has passed the GENIUS Act on a bipartisan basis to pave the way for stablecoins as a crucial payment instrument in our future financial system."
Kris Marszalek, CEO of Crypto.com, emphasized the practical implications: "This means that 24/7 trading is a reality in the United States."
The framework unlocks significant efficiency gains in capital. Traditional margin requirements force participants to hold cash or low-yielding securities; digital asset collateral allows traders to maintain crypto exposure while meeting margin obligations.
Implementation will, however, proceed gradually. FCMs must develop storage infrastructure, establish valuation procedures for 24/7 markets, and train personnel. The industry will closely monitor the rollout over the coming months.
