CFTC pilot opens path for crypto as collateral in derivative markets

On December 8, 2025, the U.S. Commodity Futures Trading Commission launched a pilot program that permits selected digital assets to serve as collateral in derivatives markets, formally opening a regulated route for crypto as collateral. The pilot authorizes Bitcoin (BTC), Ether (ETH) and USDC as margin collateral under a three‑month, monitored no‑action period for participating […]