Original | Odaily Planet Daily (@OdailyChina)
Author | Asher (@Asher_ 0210)
This morning, acting Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Caroline D. Pham, announced the launch of a Digital Asset Collateral Pilot Program, allowing digital assets such as BTC, ETH, and USDC to be used as compliant margin in U.S. regulated derivatives markets, and issued regulatory guidance on tokenized collateral, while simultaneously repealing outdated rules that had become ineffective following the enactment of the GENIUS Act. Additionally, Caroline D. Pham stated: "As I have said before, embracing responsible innovation ensures that U.S. markets remain world-leading and drive U.S. economic growth, as market participants can deploy capital more safely to achieve greater investment returns."
Crypto Assets Officially Enter the Derivatives Market with a Compliant Identity
The Digital Asset Collateral Pilot Program launched by the CFTC is essentially a policy opening where U.S. regulators are proactively "clearing the way." In the past, in U.S. regulated derivatives markets, margin could only exist in the form of traditional assets like cash, Treasury bonds, commercial paper, etc., with crypto assets being excluded. The launch of the pilot program means regulators have, for the first time, explicitly acknowledged that digital assets can participate in mainstream financial transactions as collateral. The specific details of the program are interpreted as follows:
Applicable Entities: Futures Commission Merchants (FCMs)
The pilot targets licensed Futures Commission Merchants, who are core participants in the derivatives market, responsible for custoding client funds, providing margin management, and clearing channels.
Permissible Assets: BTC, ETH, USDC
For the initial three months, the digital asset collateral acceptable by FCMs (Futures Commission Merchants) is limited to BTC, ETH, and USDC, and they must report position sizes to the CFTC weekly on a per-account basis. The regulator clearly stated that this move adheres to a "technology-neutral" principle, focusing on risk attributes rather than asset labels.
Extremely Stringent Regulatory Requirements
To ensure the stability of the traditional financial system, the CFTC has issued highly prudent requirements, including:
- Digital assets must be held in segregated accounts and cannot be commingled with institutional proprietary funds;
- FCMs must report position changes to the CFTC weekly;
- Major issues must be reported immediately;
- The CFTC will apply the most conservative haircut to digital assets to hedge against price volatility risk.
In other words, the regulator is not simply granting permission but is establishing a controllable, auditable, and traceable institutional framework.
Repealing Old Rules, Introducing New Guidance
Alongside the launch of the Digital Asset Collateral Pilot Program, the CFTC announced the repeal of the 2020 Staff Advisory 20-34—this old rule was no longer suitable for the current market after the passage of the GENIUS Act. The CFTC also issued new regulatory guidelines for "tokenized collateral," providing an institutional foundation for the future on-chain representation of traditional assets like "tokenized Treasuries, tokenized funds."
Shift in Regulatory Attitude: Providing "No-Action Relief"
For FCMs wishing to pilot digital asset margin, the CFTC has provided "No-Action Relief," offering regulatory clarity to institutions and requiring them to maintain robust risk controls. This is equivalent to the CFTC clearly telling institutions: "Operate within the rule framework, and we will not impose additional enforcement risks." For traditional institutions looking to enter the crypto space, this is a crucial "confidence booster."
Industry Leaders' Perspectives
Coinbase: Confirming Industry Consensus, Driving a Payment Revolution
Coinbase Chief Legal Officer Paul Grewal posted on X: "The CFTC's launch of the Digital Asset Collateral Pilot Program confirms a long-standing consensus in the crypto industry: stablecoins and digital assets can make payments faster, cheaper, and reduce risk." Paul Grewal pointed out that this pilot aligns with the original intent of Congress when it passed the GENIUS Act, paving the way for stablecoins to serve as key settlement tools, enabling faster, lower-cost cross-border payments. Coinbase Chief Policy Officer Faryar Shirzad added that this move will significantly enhance the utility of digital assets, attracting more institutional investors into regulated markets. Simultaneously, the potential of stablecoins as settlement tools will be fully unleashed,有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望实现有望极有可能实现faster, lower-cost cross-border payments.
Crypto.com: Ushering in the Era of 24/7 Trading in the U.S. Market, a Milestone for Crypto Assets Moving into Mainstream Finance
Crypto.com CEO Kris Marszalek posted on X: "This announcement will make the reality of true 24/7 trading in the U.S. a reality, promoting the deep integration of crypto assets with mainstream finance." He emphasized that the use of tokenized collateral will reduce settlement friction, enhance liquidity, and set a benchmark for global markets. This is not just a technological advancement but also a regulatory "green channel" for innovation.
Circle: Reducing Settlement Risk, Embracing Real-Time Clearing
Circle President Heath Tarbert commented: "This is an 'unlocking moment' for the crypto market, allowing institutions to efficiently manage risk while maintaining asset exposure. These changes will significantly reduce settlement risk and friction in derivatives trading by enabling near real-time margin calls." Additionally, Heath Tarbert specifically mentioned that USDC's qualification as eligible collateral will further solidify the stablecoin's core role in traditional finance.
Ripple: Unlocking Capital Efficiency, the U.S. Regains Leadership
Ripple stated in its response that this pilot "finally provides institutions with the long-awaited unlocking of capital efficiency," strengthening the U.S.'s global leadership at a critical moment. It also noted that allowing BTC, ETH, and USDC to be used directly as margin will reduce the friction of institutions needing to convert crypto assets to cash, driving trillions of dollars into regulated derivatives markets. This marks a strategic shift from "offshore uncertainty" to "onshore compliance."
Overall, while the Digital Asset Collateral Pilot Program is a short-term test (lasting three months), its stringent reporting and risk control mechanisms (such as weekly position disclosures, maximum haircuts) ensure a safety foundation while paving the way for future expansion. Its impact on retail investors is limited in the short term, but in the long run, it is indeed an important signal of institutional-grade recognition.
The True Turning Point of U.S. Crypto Regulation
The CFTC's Digital Asset Collateral Pilot not only means that BTC, ETH, and USDC can be used as compliant margin but also marks the first time digital assets have entered the core U.S. financial market with an institutionalized identity. Futures and swaps markets are the most important capital hubs globally. When crypto assets can be collateralized and used in these markets, they leap from "speculative assets" to regulated financial instruments. Institutional investors gain a clear compliance path, and market liquidity and capital efficiency improve accordingly.
The inclusion of the stablecoin USDC is particularly symbolic. It is officially recognized as a digitized载体 of the U.S. dollar capable of supporting financial transactions, not only consolidating the dollar's core position in on-chain payments and settlements but also paving the way for stablecoins to serve as critical financial infrastructure. This means U.S. regulation is beginning to shift from "restriction" to "institutionalized guidance," providing a clear framework for the development of tokenized finance, including core requirements for custody, segregation, valuation, and risk management, laying the foundation for the future on-chain representation of tokenized Treasuries, funds, and money market instruments.
In the short term, this pilot has limited impact on retail investors, as its strict reporting and risk management mechanisms ensure market safety. However, in the long term, it is an important signal of institutional recognition, meaning more capital will enter the crypto market through regulated channels, the settlement function of stablecoins will be fully unleashed, and derivatives liquidity and market efficiency are expected to improve significantly. More importantly, this pilot reflects a structural shift in U.S. regulation: crypto assets are no longer just objects of speculation but are institutionalized assets that can be incorporated into the mainstream financial system.
If crypto ETFs meant "crypto assets becoming assets," then the CFTC's launch of the Digital Asset Collateral Pilot marks the moment "crypto assets officially enter the U.S. financial system." In the future, more assets will be tokenized, institutions will use on-chain assets as collateral, and the U.S. dollar will circulate on-chain via stablecoins. This is not just a short-term policy but heralds a new cycle of deep integration between crypto and mainstream finance.
