The CFTC opens a breach: Will cryptocurrencies win the market war?
For the first time, Bitcoin, Ether, and USDC are officially recognized as collateral in U.S. derivatives markets. This historic decision catapults cryptocurrencies to the heart of traditional finance and marks the beginning of an era of unprecedented innovation. An analysis of the risks and impact of this significant turning point.
In brief
The CFTC is authorizing Bitcoin, Ether, and USDC as collateral in derivatives markets for the first time, reducing barriers between cryptocurrencies and traditional finance.
This CFTC decision accelerates settlements, improves capital efficiency, and strengthens interoperability between blockchain infrastructures and traditional financial markets.
Regulatory clarity should attract massive institutional flows, positioning cryptocurrencies for a more liquid and innovative market cycle.
Cryptocurrencies: The historic decision by the CFTC that changes the market
On December 8, 2025, the CFTC launched a pilot program that authorizes Bitcoin, Ether, USDC, and tokenized assets as collateral in derivatives markets. This global first breaks down barriers between cryptocurrencies and traditional finance. Until now, institutions had to convert their digital assets to dollars to use them as collateral, a costly and inefficient process.
This framework, announced by Caroline Pham, interim chair of the CFTC, introduces clear rules: weekly reporting, greater transparency, and protection of customer assets. Futures Commission Merchants (FCMs) can now accept these assets under strict supervision. This advancement finally legitimizes cryptocurrencies in front of institutional players, who have long been hesitant due to the lack of adequate regulation.
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