The U.S. Commodity Futures Trading Commission started a pilot program on December 8, 2025, that lets certain digital assets work as collateral in futures and swaps markets. This step allows futures commission merchants to accept bitcoin, ether and USD Coin in segregated customer accounts. The change comes with rules to protect customers and fits with the GENIUS Act signed on July 18, 2025.

Pilot Covers Bitcoin, Ether and Stablecoins

Futures commission merchants can use bitcoin, ether and USD Coin as margin collateral under the program. These assets must go into segregated customer accounts. The pilot limits choices to these three assets for the first three months after a firm starts. It also covers tokenized real-world assets such as U.S. Treasury securities. The setup follows CFTC rules that treat technology as neutral.

The program builds on a September 23, 2025, call for comments on tokenized collateral and stablecoins. That effort drew input from firms and closed on October 20, 2025. It also withdraws a 2020 CFTC advisory that blocked virtual currencies as collateral.

Rules Set Safeguards and Reporting

Firms must file a notice with CFTC staff before joining. They need strong risk management plans that cover liquidity, price changes and daily values. Collateral gets haircuts based on risks, with at least 20 percent for non-stablecoins not cleared by a derivatives clearing organization.

For the first three months, firms report weekly on digital asset holdings in customer accounts. Reports list types and amounts by account class and go through the CFTC’s WinJammer system. Firms must alert staff right away about big issues, such as system failures or cyber events that hit collateral use.

These steps aim to cut settlement delays and support 24/7 operations. They also match with GENIUS Act goals for stablecoin oversight by bank regulators, not the CFTC or SEC.

Roots in 2025 Crypto Efforts

The pilot ties to the CFTC’s Crypto Sprint, a push to act on a 2022 President’s Working Group report on digital assets. A February 7, 2025, Crypto CEO Forum with leaders from Circle, Coinbase, Crypto.com and Ripple helped shape it. The forum focused on non-cash collateral through blockchain.

The GENIUS Act sets rules for payment stablecoins, such as reserve backing and issuer licensing. It clears these coins from CFTC or SEC views as commodities or securities.

Industry Sees Gains in Efficiency

Coinbase’s legal chief Paul Grewal said tokenized assets speed up and secure settlements. Circle called the pilot a key move for stablecoins in regulated markets. Crypto.com CEO Kris Marszalek noted it gives U.S. firms the clarity others have abroad. Ripple leaders said it boosts capital use and opens doors for more tokenized funds.

The program seeks to improve transparency and cut costs in derivatives trading. It positions the U.S. for growth in blockchain use while keeping customer funds safe. As firms join, the CFTC will watch results to guide future rules.