cftc

SEC Chair Paul Atkins described which types of token sales wouldn't qualify as securities offerings, responding to Decrypt's question.

In briefSEC Chair Paul Atkins said ICOs tied to network tokens, digital collectibles, or digital tools should not be treated as securities.Under his token taxonomy, only tokenized securities would fall under SEC oversight, with many ICOs shifting to the CFTC’s lighter-touch regime.The stance signals a potential revival of ICO fundraising in the U.S., even ahead of any market structure

SEC chair Paul Atkins said Tuesday that numerous types of ICOs, or initial coin offerings, should be considered non-securities transactions, and thus outside the Wall Street regulator’s jurisdiction.

“That’s what we want to encourage,” Atkins said Tuesday at the Blockchain Association’s annual policy summit, in response to a question from Decrypt. “Those sorts of things would not fall, as we would define it, into the definition of a security.”

Atkins specifically referred to a token taxonomy he rolled out last month, in which he broke down the crypto industry into four general token categories. Of those four categories, Atkins argued last month that three—network tokens, digital collectibles, and digital tools—should not be considered securities in and of themselves.
On Tuesday, Atkins said ICOs pertaining to those three token categories should also be considered non-security transactions—which would go unregulated by the SEC.

The only category of token the SEC chair said his agency should regulate, when it comes to ICOs, are tokenized securities—representations of securities already regulated by the SEC that trade on-chain.

“ICOs transcend all four topics,” Atkins said. “Three of those areas are on the CFTC side, so we’ll let them worry about that, and we’ll focus on tokenized securities.”
The development could mark a significant boon for companies seeking to raise money by creating tokens and selling them to investors and the public.

ICOs were all the rage during the crypto boom of 2017—until the SEC, during President Donald Trump’s first term in office, poured cold water on the lucrative fundraising mechanism by suing numerous ICO issuers on the grounds that they were selling illegally unregistered securities.
Atkins’ comments Tuesday indicate the trend could come back into vogue, with or without a crypto market structure bill. Under the SEC chair’s proposed taxonomy, most crypto tokens would likely not be regulated by the agency. The tokens would instead be overseen by the far more hands-off CFTC—as would a slew of similarly structured ICOs, per Atkins’ comments.
The sorts of tokens Atkins has said should not be considered securities include those linked to a decentralized blockchain network; those that reference “internet memes, characters, current events, or trends”; and those that provide a practical function like a ticket or membership, among others.

Tokens with such characteristics could thus soon be considered fair game for use in an ICO. In July, Atkins said his agency's "Project Crypto" initiative could also pave the way for ICOs via agency exemptions and safe harbors.
Though the pending Senate crypto market structure bill would greenlight an ICO process, industry leaders appear to already be racing ahead with related ventures—with or without the legislation.

Last month, Coinbase debuted a new platform for launching ICOs, after acquiring crypto fundraising and token launch platform Echo for $375 million in October. Tokens generated through the site are available to U.S. retail investors.
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#ICOs #CFTC

In a significant step toward integrating digital assets into the traditional financial system, the U.S. Commodity Futures Trading Commission (CFTC) has announced its intention to allow certain cryptocurrencies to be used as collateral in derivatives transactions. The approved assets include Bitcoin, Ethereum, and the dollar-backed stablecoin USDC.
Strengthening the Role of Digital Assets in U.S. Financial Infrastructure
This regulatory development marks an important milestone for the adoption of cryptocurrencies in mainstream finance. Enabling the use of crypto assets as collateral is expected to:
Increase liquidity across derivatives markets
Encourage broader participation from institutional investors
Bridge the gap between traditional finance and blockchain-based systems
Potential Future Implications
The CFTC's decision could bolster the legal standing of digital assets in the U.S., opening the door for more financial institutions to integrate crypto into their operations. This move also represents a strategic step toward balancing innovation with regulatory oversight, at a time when global competition over digital asset leadership is intensifying.
#CFTC #sui $SOL

A landmark shift is underway in American finance. The Commodity Futures Trading Commission (CFTC) has launched its first-ever pilot program, allowing major digital assets to serve as collateral in the massive U.S. derivatives market. This move, announced by Acting Chair Caroline Pham, is a direct effort to bring crypto-based leverage under the protective umbrella of U.S. regulation, offering a safer alternative to offshore platforms.
Approved futures commission merchants (FCMs) can now accept Bitcoin (BTC), Ethereum (ETH), and the USDC stablecoin as margin collateral for trades like futures and swaps. To manage risk, the program comes with strict "guardrails," including requirements for secure custody and enhanced CFTC monitoring.
Inside the Pilot Program
The initiative is designed as a controlled test with clear rules and oversight.

Clearing the Path: Legal Updates and Industry Impact
This pilot didn't happen in a vacuum. It was enabled by the GENIUS Act, recent legislation that updated federal rules for digital assets. The CFTC formally withdrew an outdated 2020 advisory that had previously restricted the use of virtual currencies as collateral, clearing a major regulatory hurdle.
Industry leaders hail the decision as a transformative step. Executives from Coinbase, Circle, and Ripple praised the move for providing the clarity needed to improve capital efficiency, reduce settlement risk, and solidify U.S. leadership in financial innovation. The guidance also paves the way for using tokenized real-world assets, like U.S. Treasury securities, as collateral in the future.
This pilot is part of a broader CFTC strategy to integrate digital assets into regulated markets, following closely on its recent announcement allowing federally regulated spot crypto trading for the first time. Together, these actions mark a concerted push to make U.S. markets a global hub for the crypto industry.
#CFTC #CryptoRegulationBattle #bitcoin #Ethereum #USDC
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$ETH

✅ Qué anunció la CFTC — principales puntos del piloto

La CFTC, bajo la dirección interina de Caroline D. Pham, lanzó oficialmente un programa piloto para permitir que ciertos activos digitales — específicamente BTC, ETH y USDC — sean aceptados como “margin collateral” (colateral / garantía) en mercados de derivados regulados en EE. UU.
El piloto está diseñado para ser un “sandbox regulatorio”: durante los primeros 3 meses, solo los negocios registrados como “Futures Commission Merchants (FCMs)” podrán aceptar estos criptoactivos como colateral. Ellos deben cumplir con requisitos estrictos de custodia, segregación de activos, valoración, “haircuts” (descuentos de valor), reporte semanal de sus posiciones en cripto, y notificar inmediatamente incidentes.
La iniciativa coincide con la publicación de nuevas guías de la CFTC sobre “tokenized collateral” (colateral tokenizado) que también abarcan activos tokenizados del mundo real (RWA), como bonos del Tesoro de EE. UU. o fondos de mercado monetario tokenizados.
Con este paso, la CFTC también revocó una directriz anterior de 2020 que prohibía o restringía el uso de cripto como colateral en ciertos contextos, ya considerada obsoleta.

En resumen: por primera vez en EE. UU., tarifas reguladas de derivados podrían aceptar cripto real como garantía — no stablecoins “pseudo-colateralizadas” o instrumentos fuera de regulación, sino bajo supervisión de un organismo oficial.

#CFTC
#crypto

🎯 Por qué es importante — implicaciones clave para cripto y finanzas

Este piloto de la CFTC puede tener impactos de gran alcance, tanto estructurales como prácticos:

🏛️ Legitimación institucional del cripto: reconocer a BTC, ETH y una stablecoin regulada (USDC) como colateral oficial acerca a las criptomonedas al sistema financiero regulado tradicional. Esto reduce uno de los grandes obstáculos para adopción institucional: la incertidumbre regulatoria.
🔄 Mayor liquidez y eficiencia en derivados cripto-regulados: al permitir que los participantes usen cripto como colateral, se abren vías para más liquidez, menor dependencia de efectivo o activos tradicionales, y una integración más fluida entre mercados cripto y tradicionales.
🏗️ Base para construcción de infraestructura financiera sobre blockchain: la guía sobre colateral tokenizado no se limita a cripto “puros”: incluye también RWA (bonos, fondos de mercado, etc.). Esto puede acelerar la tokenización de activos tradicionales, integración con DeFi institucional, y expansión del ecosistema “financiero híbrido” (TradFi + crypto).
🌍 Competitividad internacional: con este tipo de regulación, EE. UU. busca afirmar su liderazgo global en finanzas cripto reguladas. Para inversores institucionales globales, tener un entorno regulado y claro puede ser un factor decisivo para asignar capital.
🛡️ Protección y supervisión, pero con control de riesgo: el piloto no es libre — incluye requisitos de custodia, reporte, “haircuts”, segregación de activos — lo que apunta a balancear innovación con gestión de riesgos, algo clave para la estabilidad del mercado.

#FCMs

⚠️ Límites, advertencias y lo que aún no sabemos

Aunque es un avance muy importante, hay varios matices y riesgos a considerar:

El piloto está limitado en alcance: solo algunos FCMs pueden participar, y el colateral permitido inicialmente es apenas BTC, ETH y USDC. No significa que todo el mercado cripto ya esté integrado o regulado.
Las reglas incluyen fuertes requisitos de custodia, valoración y reporte — por lo que usar cripto como colateral implicará costos y controles adicionales. Esto puede limitar adopción a entidades con suficiente infraestructura.
Volatilidad inherente: incluso siendo colateral aceptado, BTC y ETH siguen siendo activos volátiles — los “haircuts” ( descuentos de valor) podrían ser elevados, lo que reduce ventaja comparativa frente a colaterales tradicionales.
Riesgo de liquidez y colapso de mercado: en una época de crisis, el valor de cripto puede desplomarse rápidamente — lo que puede generar margin calls, liquidaciones forzadas, lo que trae riesgos sistémicos si no hay gestión adecuada.
No elimina otros riesgos estructurales de cripto: cuestiones de custodia, regulación futura, impuestos, tecnología — este piloto es un avance regulatorio, pero no elimina todas las incertidumbres.

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🔎 Qué conviene observar de cerca ahora

Para evaluar cómo evoluciona este piloto y su impacto real, conviene seguir:

Cuántos y cuáles FCMs se suman al piloto — si son actores relevantes o sólo pequeñas corredoras.
Volumen de colateral en cripto que se use efectivamente, para medir demanda real de este mecanismo.
Cómo se implementan las reglas de custodia, segregación y reporte — transparencia y buenas prácticas serán clave.
Si la CFTC extiende la lista de activos aceptados como colateral (otras stablecoins, tokenized RWA, etc.).
Impacto sobre los precios de BTC, ETH y USDC — una mayor demanda estructural de cripto como colateral podría afectar oferta/mercado.
Cómo reaccionan otros reguladores y jurisdicciones — podrían seguir la tendencia, lo que expandiría el efecto global de esta decisión.