CFTC запускает пилотный проект для использования цифровых активов в деривативах Translation: CFTC Launches Pilot Project for Using Digital Assets in Derivatives

The U.S. Commodity Futures Trading Commission (CFTC) has initiated a pilot program allowing the use of digital assets as collateral in derivative markets, as announced by Acting Chair Carolyn Pham.

This initiative is part of the GENIUS Act. In the initial phase, the assets permitted for collateral include Bitcoin, Ethereum, and the stablecoin USDC.

The program enables futures commission merchants (FCMs) to accept these assets as collateral for clients’ margin positions. For the first three months of the pilot phase, the list of acceptable cryptocurrencies will be restricted to these three.

Companies are required to report weekly to the regulator about the volumes of digital assets in client accounts and must promptly notify of any issues.

Additionally, the agency released a guide on the use of tokenized real-world assets, including U.S. Treasury securities and money market funds. The CFTC emphasized a technology-neutral approach, stating that each instrument will be analyzed on a case-by-case basis.

Pham also rescinded the outdated Staff Advisory No. 20-34, which previously limited the capabilities of intermediaries to accept virtual currencies.

«Americans deserve safe markets in the U.S. as an alternative to offshore platforms,» she stated.

On December 4, the acting chair of the CFTC announced the commencement of trading in spot cryptocurrency products on regulated exchanges, highlighting that this decision aims to restore liquidity within the U.S. legal framework and protect investors.

Representatives from the crypto industry have supported the regulator’s actions. Coinbase’s Chief Legal Officer, Paul Grewal, noted that the decision reinforces the ability of stablecoins to facilitate faster and cheaper payments.

Circle’s CEO, Hit Tarbert, indicated that using regulated «stablecoins» will mitigate settlement risks and uphold the dollar’s global leadership.

Crypto.com CEO Kris Marszalek called this development crucial for implementing a 24/7 trading regime in the U.S.

Ripple’s Senior Vice President, Jack McDonald, emphasized that regulatory clarity will enhance capital efficiency.

The new rules took effect immediately upon publication.

It is worth recalling that in September, it was reported that the SEC and CFTC planned to coordinate the launch of spot cryptocurrency trading on regulated platforms.