The United States suggested a clear distinction between cryptoassets that are suitable for trading and those that are best suited for use as collateral in derivatives markets.
On December 8, the Commodity Futures Trading Commission (CFTC) authorized futures trading commissions (FCMs) to accept Bitcoin, Ethereum, and USDC as eligible margin under the Digital Asset Pilot Program.
The move will bring these tokens into the operational framework used to clear futures and swaps, alongside more traditional forms of performance bonds such as Treasury bills and gold, which are subject to risk-based adjustments.
Acting Chairperson Caroline Pham described the initiative as part of an effort to ensure that cryptocurrency-related leverage remains within U.S. bankruptcy protection, quarantine rules, and ongoing oversight, rather than in an offshore environment.
According to her,
“Given recent customer losses at non-U.S. crypto exchanges, this obligation has never been more important.”
safe harbor strategy
The pilot is intended to give institutional investors the option of collateralizing their positions with assets cleared under U.S. supervision, rather than relying on clearing engines run by offshore exchanges.
The new regime allows BTC, ETH, and USDC to be posted as margin, subject to frequent reporting, custody requirements, and valuation “haircuts” that take into account volatility and operational risk.
For policymakers, this approach aims to create domestic alternatives to large offshore trading venues while preserving the CFTC’s long-standing protections against leveraged derivatives activity.
The program also establishes a framework for valuing tokenized collateral in the real world, giving regulators visibility into how digital assets perform within a system built for ongoing margin calls and intraday risk checks.
Heath Tarbert, President of Circle, said:
“Deploying a carefully monitored payments stablecoin across CFTC-regulated markets protects customers, reduces payments friction, supports 24/7 risk mitigation, and advances USD leadership through global regulatory interoperability. Enabling near real-time margin settlement also reduces the risk of settlement failures and liquidity pressures over nights, weekends, and holidays.”
No XRP, Solana, Cardano
The pilot’s limited set of assets quickly drew attention to what it didn’t include.
Despite regulatory momentum in 2025, cryptoassets such as Solana, XRP, and Ripple’s RLUSD stablecoin were excluded from the first tranche.
Market participants said the decision likely reflects a conservative approach to liquidity depth, volatility and valuation mitigation in times of stress.
By way of background, analysts noted that XRP’s regulatory profile has evolved significantly over the past year, but that eligibility as collateral will require higher standards. This is because the collateral framework prioritizes assets that can be reliably valued and liquidated without disrupting the market.
However, XRP’s domestic liquidity, while significant, is significantly lower than BTC or ETH, and this may have been factored into the program’s initial asset selection.
Additionally, the absence of RLUSD has led to similar debates.
Ripple’s payments stablecoin has been gaining momentum and was recently included in Singapore’s expanded MPI license for cross-border services, but its domestic footprint remains small compared to USDC.
As a result, the CFTC may have chosen to start with stablecoins, which currently serve as the primary regulated dollar proxy in the US on-chain market.
Still, Ripple’s leadership has publicly acknowledged the pilot as a victory for the broader crypto industry.
Jack McDonald, Senior Vice President of Stablecoins at Ripple, said:
“By recognizing tokenized digital assets, including stablecoins, as qualified margin, the CFTC is clarifying the regulations needed to move the industry forward. This action increases capital efficiency and solidifies U.S. leadership in financial innovation. At Ripple, we look forward to continuing to partner with the CFTC and the industry to ensure the safe and responsible scaling of digital assets.”
The tone of this response suggests that Ripple views the pilot as a “proof of concept” stage rather than a closed door.
By validating the mechanism of tokenized collateral using USDC, the CFTC is building rails that other stablecoins like RLUSD can eventually ride on once they meet the necessary liquidity criteria.
Meanwhile, the CFTC did not directly comment on the basis for the specific exclusion. However, this narrow list is consistent with the pilot’s stated objective of valuing tokenized collateral through a tightly controlled set of assets before considering broader expansion.
new landscape
The CFTC pilot provides the US with a defined mechanism to test tokenized collateral within a derivatives clearing architecture.
It also establishes the initial contours of the regulatory hierarchy. This means that while some assets can be traded under supervision, even fewer assets can serve as margin collateral.
For the industry, the pilot is both a milestone and a constraint. This brings digital assets closer to the core of the U.S. financial infrastructure while clarifying the standards needed to achieve that level of depth, stability, custodial readiness, and predictable behavior under stress.
Fundamentally, this pilot shows that Washington is ready to incorporate digital assets into the market structure, but that they will be introduced selectively and gradually, with liquidity and risk management determining the pace.
(Tag translation) Bitcoin
