Story perspectives

CFTC Greenlights Digital Assets in U.S. Derivatives Markets

12/9/2025

Summary

Story summary

The Commodity Futures Trading Commission (CFTC) launched a pilot program allowing Bitcoin, Ethereum, and USD Coin as collateral in U.S. derivatives markets, announced by Acting Chair Caroline Pham.
The GENIUS Act guides the program, and the CFTC withdraws outdated restrictions to integrate digital assets into regulated markets with protections.
Participating Futures Commission Merchants (FCMs) must comply with reporting and risk management.
Industry leaders praised the move as a milestone.

History

Historical Context

The Commodity Futures Modernization Act (CFMA) of 2000, signed into law on December 21, deregulated over-the-counter derivatives, contributing to the U.S. derivatives market's growth to $600 trillion by 2021. This deregulation faced criticism after the 2008 financial crisis, prompting the CFTC, under Acting Chair Caroline Pham, to adapt regulations for digital assets like Bitcoin, reflecting ongoing efforts to enhance market integrity and investor protection.

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Story summary

The Commodity Futures Trading Commission (CFTC) launched a pilot program allowing Bitcoin, Ethereum, and USD Coin as collateral in U.S. derivatives markets, announced by Acting Chair Caroline Pham.
The GENIUS Act guides the program, and the CFTC withdraws outdated restrictions to integrate digital assets into regulated markets with protections.
Participating Futures Commission Merchants (FCMs) must comply with reporting and risk management.
Industry leaders praised the move as a milestone.

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