CFTC Opens the Door to Tokenized Collateral, Marking a New Era for U.S. Crypto Markets

Source: ETHNews Original Title: CFTC Opens the Door to Tokenized Collateral, Marking a New Era for U.S. Crypto Markets Original Link: The U.S. Commodity Futures Trading Commission (CFTC) has taken its most consequential step yet toward integrating digital assets into the heart of America’s financial system.

Acting Chairman Caroline D. Pham announced a sweeping digital-assets pilot program that will allow bitcoin (BTC), ether (ETH), and USDC to be used as collateral in U.S. derivatives markets, backed by new guidance that finally provides the regulatory clarity the industry has been seeking for years.

The move represents the first major structural reform enabled by the GENIUS Act, and it positions the United States to accelerate innovation with the guardrails regulators say are necessary for investor protection and market integrity.

A Pilot Program That Reshapes Collateral in Derivatives Markets

Under the new program, registered Futures Commission Merchants (FCMs) can begin accepting certain digital assets, initially BTC, ETH, and USDC, as margin collateral. The rollout includes enhanced reporting requirements during the first three months, giving the CFTC full visibility into collateral usage and operational risks while allowing the industry to finally access a regulated path for tokenized collateral.

The CFTC also issued formal guidance confirming that its rules are “technology-neutral,” clearing the way for tokenized real-world assets such as U.S. Treasuries and money market funds to be evaluated within the existing regulatory framework. Core areas like custody, segregation, valuation, and legal enforceability are clarified, reducing ambiguity that previously slowed institutional adoption.

In parallel, the agency withdrew Staff Advisory No. 20-34 – a long-standing restriction on accepting virtual currencies as customer collateral – calling it outdated in the post-GENIUS Act landscape.

Industry Leaders Applaud the Breakthrough

The announcement drew immediate praise from companies that have long pushed for U.S. regulatory certainty.

A certain compliance platform’s Chief Legal Officer said the decision “confirms what the crypto industry has long known,” calling tokenized assets a faster, cheaper, and lower-risk settlement rail. He thanked Acting Chair Pham for “swiftly recognizing that tokenized innovation is the future of finance.”

Circle President Heath Tarbert described the move as a landmark for U.S. dollar-based stablecoins, emphasizing that the ability to use prudentially supervised payment stablecoins across CFTC-regulated markets will reduce settlement failures and provide genuine 24/7 risk management, something traditional systems struggle to match.

Crypto.com CEO Kris Marszalek went even further, framing the decision as the moment the U.S. finally enables round-the-clock trading within its own regulatory perimeter. “This is what President Trump meant when he said the U.S. would become the ‘crypto capital of the world’,” Marszalek said.

Ripple’s Jack McDonald called the shift “a pivotal moment,” saying it will unlock capital efficiency and cement U.S. leadership in global financial innovation.

A Turning Point for U.S. Market Structure

Acting Chairman Pham positioned the announcement as a direct response to recent customer losses on offshore crypto exchanges. She emphasized that Americans deserve domestic platforms capable of offering safer, regulated access to digital assets — not only for trading, but now for collateralization as well.

Her broader initiative, launched during the CFTC’s September Crypto Sprint, aims to fully implement the President’s Working Group recommendations by modernizing U.S. market infrastructure. Last week, Pham also revealed that spot crypto trading is now permitted on CFTC-registered exchanges — another major shift that brings digital assets deeper into the U.S. regulatory perimeter.

With tokenized collateral now recognized under CFTC rules, and outdated restrictions formally removed, derivatives markets are positioned to become the testing ground for the U.S. model of responsible digital-asset integration. If successful, this pilot could set the standard for how tokenized assets interact with traditional finance at scale.