The US Commodity Futures Trading Commission (CFTC) has announced a significant policy shift, launching a digital assets pilot program that permits the use of certain digital assets, including Bitcoin (BTC), Ether (ETH), and USDC, as collateral in regulated derivatives markets.
The initiative, unveiled on December 8, 2025, by Acting Chairman Caroline D. Pham, also includes new regulatory guidance on tokenised collateral and the withdrawal of outdated requirements following the enactment of the GENIUS Act. This marks a major milestone towards the expanded adoption of digital assets within regulated financial markets.
Acting Chairman Pham framed the decision as essential for safeguarding American investors by providing robust domestic alternatives to foreign platforms. She linked the move directly to recent customer losses on non-US crypto exchanges, stating that the new framework provides crucial safety measures.
The Acting Chairman said, “Under my leadership this year, the CFTC has led the way forward into America’s Golden Age of Innovation and Crypto”.
She added that her focus has been on establishing security and trust, saying, “Today, I am launching a US digital assets pilot program for tokenised collateral, including bitcoin and ether, in our derivatives markets that establishes clear guardrails to protect customer assets and provides enhanced CFTC monitoring and reporting.”
In addition to the pilot, the CFTC provided regulatory clarity regarding the use of tokenised assets, including tokenised real-world assets such as US Treasuries and money market funds. This guidance ensures that existing CFTC regulations, which are technology-neutral, are properly applied to these assets.
Acting Chairman Pham emphasised that embracing responsible innovation is key to global leadership. “As I’ve said before, embracing responsible innovation ensures that US markets are the world leader, and drives progress that will unleash US economic growth because market participants can safely put their dollars to work smarter and go further.”
Financial and crypto industry executives reacted positively, praising the CFTC for moving swiftly to integrate digital assets.
Paul Grewal, Coinbase Chief Legal Officer, affirmed that the CFTC’s decision validated the industry’s view on the efficiency of digital assets.
“The CFTC’s decision confirms what the crypto industry has long known: That stablecoins and digital assets can make payments faster, cheaper, and reduce risk,” said Grewal. He further credited the move to the new legislative environment, stating that this “major unlock is precisely what the Administration and Congress intended the GENIUS Act to enable.”
The integration of prudentially supervised payment stablecoins was highlighted by Heath Tarbert, President of Circle, as a key factor in boosting safety and efficiency. He stressed the security benefits, observing that deploying these stablecoins “protects customers, reduces settlement frictions, supports 24/7 risk reduction, and advances US dollar leadership through global regulatory interoperability.”
This sentiment was echoed by Kris Marszalek, Co-Founder and CEO of Crypto.com, who described the guidance as a “pivotal moment” that would bring regulatory certainty to the future of the crypto industry.
Jack McDonald, SVP of Stablecoins at Ripple, summarised the long-term impact, calling the actions a “pivotal moment for integrating digital assets into regulated derivatives markets.”
He added that by permitting tokenised digital assets as eligible margin, the CFTC “will unlock greater capital efficiency and solidify US leadership in financial innovation”.
The pilot program sets clear operating procedures, including strict reporting requirements for participating Futures Commission Merchants who accept the limited list of digital assets as customer margin collateral, allowing CFTC staff to closely monitor developments during the initial phase.
