CFTC's new regulations allow cryptocurrencies to be used as collateral for derivatives, with Bitcoin, Ether, and USDC officially entering the U.S. financial system

According to Zhitong Finance APP, the Commodity Futures Trading Commission (CFTC) will allow the use of Bitcoin, Ether, and the USD-pegged stablecoin USDC as collateral for derivatives trading. This decision further integrates cryptocurrencies into the infrastructure of the U.S. financial system.

This initiative, launched as a pilot project, was published in the form of two staff recommendation papers and a no-action letter sent to Coinbase's financial markets, applicable to futures brokers, swap market participants, and clearinghouses. The guidance on collateral also includes tokenized versions of U.S. Treasury bonds and money market funds, with clear requirements for asset segregation, reporting, and monitoring.

Ryne Miller, a partner at Lowenstein Sandler, stated: "It is encouraging to see the U.S. continue to consciously work towards creating a clear path for innovation in the derivatives market."

Tokenized assets refer to the digital representation of real-world assets or financial assets on a blockchain (a type of digital ledger). Although they do not represent direct claims on the assets themselves, proponents believe that this process will enhance liquidity, support fragmented ownership of assets, and potentially make it easier for foreign investors to enter the U.S. market.

Last week, acting chair Caroline Pham announced that exchanges regulated by the CFTC can begin trading spot cryptocurrencies on derivatives exchanges. Typically, the agency can only regulate derivative products and not their underlying assets unless fraud or manipulation is involved.

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