The Tennessee Republican sponsored the first piece of stablecoin legislation to become a U.S. law.
By Nikhilesh De|Edited by Cheyenne Ligon
Updated Dec 8, 2025, 3:37 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- The agency also issued updated guidance for tokenized assets and withdrew outdated restrictions following the GENIUS Act.