CFTC Unveils Pilot Program for Tokenized Collateral

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Key Highlights The U.S. CFTC has announced the launch of a pilot program, which allows major firms to use Bitcoin, Ethereum, and USDC as collateral for derivatives trading  Apart from the pilot, the regulator issued new guidance that will provide a legal framework for using tokenized versions of traditional assets like Treasury bonds as collateral The CFTC’s Market Participants Division has issued a non-action position for FCMs using digital assets, including stablecoin, as customer margin  On December 8, the Commodity Futures Trading Commission (CFTC)’s acting chairman, Caroline D. Pham, announced the launch of a Digital Assets Pilot Program. This initiative will allow major financial institutions and firms to use Bitcoin, Ethereum, and the USDC stablecoin as collateral on derivative markets.  .@CFTCpham Announces Launch of Digital Assets Pilot Program for Tokenized Collateral in Derivatives Markets: https://t.co/okRaxM9aQ9 — CFTC (@CFTC) December 8, 2025 Caroline D. Pham stated that this initiative is part of America’s “Golden Age of Innovation and Crypto” to make the country a global leader in digital asset innovation. This newly launched program is the direct result of the regulatory “Crypto Sprint” launched in November 2025 to implement recommendations from a presidential working group.  “Today, I am launching a U.S. digital assets pilot program for tokenized collateral, including bitcoin and ether, in our derivatives markets that establishes clear guardrails to protect customer assets and provides enhanced CFTC monitoring and reporting. The CFTC is also providing regulatory clarity through tokenized collateral guidance for real-world assets like U.S. Treasuries, and withdrawing CFTC requirements that are now outdated under the GENIUS Act,” she stated in the official statement.  What is the Digital Asset Pilot Program  According to the official announcement, the pilot program will create a controlled testing environment, known as a regulatory sandbox. Participation will be voluntary for firms registered with the…