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CFTC Launches Pilot Program for Crypto Collateral in Derivatives

12/12/2025

Summary

Story summary

The U.S. Commodity Futures Trading Commission launched a pilot program allowing Bitcoin, Ethereum, and USDC as collateral for derivatives contracts.
Acting Chairman Caroline Pham said the program includes safeguards requiring CFTC-registered intermediaries and collateral matching the underlying assets.
The initiative aims to enhance customer protections, address risks from unregulated exchanges, and provides guidance on tokenized collateral for real-world assets such as U.S. Treasuries, a move praised by Coinbase's Paul Grewal.

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Story summary

The U.S. Commodity Futures Trading Commission launched a pilot program allowing Bitcoin, Ethereum, and USDC as collateral for derivatives contracts.
Acting Chairman Caroline Pham said the program includes safeguards requiring CFTC-registered intermediaries and collateral matching the underlying assets.
The initiative aims to enhance customer protections, address risks from unregulated exchanges, and provides guidance on tokenized collateral for real-world assets such as U.S. Treasuries, a move praised by Coinbase's Paul Grewal.