The Commodity Futures Trading Commission launched a U.S. digital-assets pilot permitting a narrow set of tokens — including Bitcoin (BTC), Ethereum (ETH) and stablecoin USDC — to be used as collateral in regulated derivatives markets. The program provides guidance for evaluating tokenized collateral, a limited no-action framework for futures commission merchants (FCMs), withdraws Staff Advisory No. 20-34, and requires weekly reports for the first three months plus incident notifications. Acting Chair Caroline Pham said the initiative aims to expand digital-asset use while maintaining oversight; the move was praised by Coinbase, Circle and Crypto.com.

Pilot explicitly permits BTC, ETH and USDC as collateral and establishes an FCM no-action framework and reporting requirements, which is facilitative for derivatives use of these assets and thus modestly positive for market demand; measures remain limited in scope and include oversight/reporting, tempering immediate market disruption.