The United States is taking a decisive step in integrating cryptos into the traditional financial system. Caroline Pham, Acting Chair of the CFTC, has just authorized the use of bitcoin, Ethereum and USDC as collateral in US derivatives markets. A decision that could well redefine the rules of the game.
In brief
- The CFTC allows Bitcoin, Ethereum and USDC as collateral in US derivatives markets.
- This pilot program launched by Caroline Pham aims to modernize financial infrastructure while maintaining a strict regulatory framework.
- Participating brokers will be required to submit detailed weekly reports on digital assets held.
CFTC Admits Bitcoin and Ethereum as Collateral
Caroline Pham, Acting Chair of the CFTC, unveiled her “Digital Asset Pilot Program” on Monday.
Three cryptos are making their official entry into the arsenal of accepted guarantees: Bitcoin, Ethereum and the stablecoin USDC. This decision marks a break with decades of traditional financial practices.
The regulator nevertheless imposes a strict framework. Futures brokers will be required to transmit a detailed statement of digital assets deposited into client accounts each week. They will also have the obligation to immediately report any major technical failure affecting these guarantees. The CFTC does not play with security.
“ Adopting responsible innovation ensures that U.S. markets remain world leaders ” said Pham. Behind this institutional formula lies a clear ambition: not to let Singapore, Dubai or Hong Kong capture the financial innovation of the 21st century. The United States wants to stay in the race.
This initiative continues an approach begun last September with the extension of tokenized guarantees. The CFTC is moving forward methodicallytesting each innovation before expanding it. A pragmatic approach that contrasts with the regulatory inaction of previous years.
A changing ecosystem
Paul Grewal, chief legal officer of Coinbase, made no secret of his enthusiasm:
CFTC's decision confirms what the industry has long known: stablecoins and digital assets enable faster, cheaper and less risky payments.
The American exchange is finally seeing its lobbying efforts bear fruit.
The regulator also withdrew an old notice that restricted the ability of brokers to accept virtual currencies. The GENIUS Stablecoin Act, passed this summer, made this restriction obsolete. The legislative framework is finally evolving at the pace of innovation.
This announcement comes a few days after Bitnomial was authorized to offer crypto spot products. The CFTC is multiplying positive signals. Caroline Pham is also leading the “Crypto Sprint”, an initiative intended to quickly clarify regulations. It is even considering the creation of an experimentation laboratory for digital assets.
Coinbase, Polymarket and Kalshi are now on the CFTC's list of designated regulated markets. These platforms will soon be able to operate under full federal supervision, offering American investors an alternative to offshore exchanges. The message is clear: the United States wants to repatriate the volumes.
The CFTC is redefining the rules of the financial game. By accepting Bitcoin, Ethereum and USDC as collateral, it implicitly recognizes their maturity and legitimacy. This decision goes beyond simple technical innovation: it reflects a political desire to embrace digital finance without sacrificing investor protection. The balance remains fragile, but the signal sent to global markets resonates strongly.
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