US CFTC Clarifies Crypto Assets as Collateral Pilot Requirements: BTC/ETH Collateral Must Meet 20% Capital Adequacy Ratio

DeepFlowTech

2026-03-22 01:18:21

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Deep Tide TechFlow News: On March 22, Cointelegraph reported that the U.S. Commodity Futures Trading Commission (CFTC) has provided detailed guidance on pilot programs using crypto assets as collateral. The regulator has notified that futures commission merchants (FCMs) participating in the pilot must submit notices to the Market Participants Department, indicating the start date for accepting crypto assets as margin. Key points include:

Capital Requirements: Only Bitcoin, Ethereum, and stablecoins are accepted as collateral, with BTC/ETH calculated at a 20% capital adequacy ratio, and stablecoins at 2%. FCMs participating in the pilot can only accept Bitcoin, Ethereum, or stablecoins for the first three months.
Compliance and Reporting Obligations: Participating FCMs must promptly report significant cybersecurity or system issues and submit weekly reports on the total crypto assets in customer accounts.
Expansion After Three Months: Other crypto assets may be used as collateral after three months, and some reporting requirements will be terminated.
Restricted Use: Only dedicated stablecoins for payments are allowed to be deposited into customer segregated accounts; crypto assets cannot be used for uncleared swap collateral, but qualified tokenized assets may be substituted.
Derivatives Clearing Organizations: Clearing firms that meet CFTC credit, market, and liquidity risk requirements can accept crypto assets and stablecoins as initial margin for settled trades.

BTC-1,99%

ETH-2,28%

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