Rep. French Hill’s name may or may not end up on any of the final legislation that becomes crypto law in the U.S., but he was the one driving it forward.
By Jesse Hamilton|Edited by Cheyenne Ligon
Updated Dec 8, 2025, 3:47 p.m. Published Dec 8, 2025, 3:00 p.m.
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CFTC Launches Digital Assets Pilot Allowing Bitcoin, Ether and USDC as Collateral
Acting Chair Caroline Pham has unveiled a first-of-its-kind U.S. program to permit tokenized collateral in derivatives markets, citing “clear guardrails” for firms.
What to know:
- The CFTC has launched a pilot program allowing BTC, ETH and USDC to be used as collateral in U.S. derivatives markets.
- The program is aimed at approved futures commission merchants and includes strict custody, reporting and oversight requirements.
- The agency also issued updated guidance for tokenized assets and withdrew outdated restrictions following the GENIUS Act.