CFTC Launches Pilot Allowing Crypto and Tokenized Real-World Assets as Margin for Futures and Swaps
The CFTC’s three-month pilot permits BTC, ETH, and USDC as collateral under updated rules replacing the GENIUS Act, aiming to test tokenized assets in regulated derivatives markets.
The Commodity Futures Trading Commission has initiated a three-month pilot program allowing Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC) to serve as compliant collateral in U.S. regulated derivatives markets. The program includes updated rules replacing older regulations following the GENIUS Act, along with strict custody, valuation, and reporting requirements. Guidance is also provided for the use of tokenized collateral, marking a structured effort to assess operational and compliance impacts of integrating these assets into margin frameworks for futures and swaps.
- CFTC (U.S. derivatives regulator): The Commodity Futures Trading Commission, a U.S. federal agency overseeing futures, options, and swaps markets.
- Tokenized Assets: Digital representations of physical or traditional financial assets on a blockchain, enabling programmable and transferable ownership.