Today, the CFTC sent a very critical signal:

The U.S. derivatives regulatory body is preparing to truly bring digital assets into the "compliant financial system."

They have launched a "digital asset collateral pilot." The meaning is very simple:

In the future, when engaging in derivatives, collateral does not necessarily have to be cash and government bonds; BTC, ETH, USDC, and others can also be used as margin.

Previously, even if institutions held a large amount of crypto assets, these assets could only sit in exchanges or custodial institutions, unable to enter the regulated derivatives collateral system, and their value was completely "locked off-chain."

This time, the CFTC's concession essentially pushes crypto assets to the doorstep of U.S. financial infrastructure.

There are three obvious trend changes involved:

1) The regulatory attitude has changed; it is no longer just passive observation.

The CFTC's active pilot indicates that the regulatory body has begun to find a path for "the collateralization of digital assets."

This is a step from "risk assets" to "assets that can be incorporated into the system."

2) On-chain assets are being taken seriously.

Not just BTC and ETH, but also USDC, and even future on-chain government bonds, could be included in the collateral list.

This directly touches on the future business models of banks, clearing houses, and custodians.

3) The "institutional status" of BTC and ETH has been advanced.

By including them in the collateral pilot, the CFTC is telling the market:

These assets are not toys; they are financial assets that can be risk-managed, can be cleared, and can be regulated.

More importantly, this pilot will change a core pain point for institutions: capital efficiency.

Previously, traders engaged in BTC and ETH derivatives on the CME, but the margin still had to be in cash or government bonds, while the spot holdings had no collateral value at all.

This created an awkward situation: the positions had value, but could not be utilized.

If the pilot goes smoothly, in the future, spot assets can directly be used as collateral, meaning:

The capital attributes of spot assets will be enhanced

Institutional costs will decrease

Willingness to hold spot assets will increase

The capital utilization rate of market makers will improve

The downward elasticity of prices will be weakened

Such changes often do not immediately reflect in prices, but belong to the category of "institutional dividends" —

Once integrated into the clearing system, the pricing methods will be permanently changed.