What Did the CFTC Clarify in Its New FAQ?

Staff at the Commodity Futures Trading Commission published a set of frequently asked questions outlining how futures commission merchants and clearinghouses should handle crypto assets used as collateral in derivatives markets. The guidance builds on two staff letters issued in December 2025 that enabled a pilot allowing bitcoin, ether, and USDC to be posted as collateral.

The FAQ was issued jointly by the agency’s Market Participants Division and Division of Clearing and Risk and focuses on operational details rather than introducing new rules. It clarifies how firms should apply capital charges, what types of crypto can be used in specific account structures, and how reporting and…