CFTC updates FAQs to allow some crypto assets as margin under existing rules
Published · Updated
What happened
The CFTC published updated FAQs stating that futures commission merchants can treat customer-deposited non-security crypto assets as margin and that derivatives clearing organizations can accept crypto assets as initial margin for cleared trades, subject to current legal and risk standards.
Why it matters
The clarification opens a path for regulated derivatives firms and clearinghouses to use crypto collateral without waiting for a separate rule. That can change collateral practices, client onboarding, and clearing risk controls across U.S. derivatives markets in the near term.
The Commodity Futures Trading Commission updated staff FAQs on September 24 to clarify how registrants and registered entities may use crypto assets and blockchain technology under the Commodity Exchange Act. The update states that futures commission merchants may apply customer-deposited non-security crypto assets as margin, and derivatives clearing organizations may accept crypto assets as initial margin for cleared transactions if existing risk-management standards are met. The change does not create a new rulemaking, but it gives clearer operational room for intermediaries and clearinghouses to expand crypto-collateral use now.
Watch for
CME Group or another CFTC-registered derivatives clearing organization filing revised collateral eligibility terms on or after 2026-09-25 CFTC Division of Clearing and Risk publishing follow-on staff guidance or a risk advisory on crypto collateral haircuts by 2026-09-28 A major futures commission merchant such as Coinbase Financial Markets, Interactive Brokers, or Wedbush Securities announcing customer crypto-margin availability by 2026-09-28 SEC Chair or SEC staff statement on treatment of non-security crypto assets used as derivatives collateral on or after 2026-09-25
Sources
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