CFTC Acting Chair Caroline Pham on Monday announced a “digital asset pilot program” allowing the use of certain crypto assets as collateral in the derivatives market. In the initial phase, the program applies only to bitcoin, ETH, and the stablecoin USDC.
This move follows efforts to expand the use of digital assets as collateral, after a September initiative on tokenized collateral. Pham—the agency’s sole commissioner—has recently pushed to shape the CFTC’s stance on crypto, including Bitnomial becoming the first exchange to list an approved spot crypto product and the rollout of the “Crypto Sprint” program.
In a letter to Coinbase, the CFTC stated that participating FCMs must submit weekly reports on the total amount of digital assets in customer accounts and report any system incidents affecting collateral.
Coinbase commented that the CFTC’s new decision is further confirmation that stablecoins and digital assets can enable faster, cheaper payments and reduce risk. On the same day, the CFTC also withdrew previous guidance that had restricted FCMs from accepting digital assets as collateral, following the enactment of the GENIUS Act on stablecoins.
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