WASHINGTON – The Commodity Futures Trading Commission (CFTC) under Acting Chairman Caroline D. Pham has announced a series of initiatives designed to integrate digital assets, including Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC), more fully into regulated derivatives markets. The move, unveiled December 8, 2025, includes the launch of a digital assets pilot program, guidance on the use of tokenized collateral, and the removal of outdated regulatory requirements following the enactment of the GENIUS Act.
The pilot program will allow certain digital assets to be used as collateral in derivatives markets, with the CFTC establishing “clear guardrails to protect customer assets” and enhancing monitoring and reporting requirements. The agency also issued guidance regarding tokenized collateral representing real-world assets like U.S. Treasuries. The withdrawal of outdated rules is intended to align CFTC regulations with the provisions of the GENIUS Act, which aims to foster innovation in the digital asset space.
Acting Chairman Pham framed the announcement as a step toward establishing a safer, more robust U.S. market for digital assets, particularly in light of recent losses experienced by customers of offshore crypto exchanges. She emphasized the CFTC’s commitment to innovation and its leadership role in what she termed “America’s Golden Age of Innovation and Crypto.” Last week, the CFTC began allowing the trading of spot crypto on registered exchanges.
Industry leaders lauded the CFTC’s actions. Paul Grewal, Chief Legal Officer of Coinbase, stated the decision confirms the potential of stablecoins and digital assets to improve payment systems. Heath Tarbert, President of Circle, praised Pham’s “breakthrough leadership” and highlighted the benefits of using prudentially supervised payment stablecoins to reduce settlement friction and enhance risk management. Kris Marszalek, Co-Founder and CEO of Crypto.com, characterized the announcement as providing “regulatory certainty for the future” of the crypto industry.
The initiatives are a direct outcome of the CFTC’s Crypto Sprint and recommendations from the President’s Working Group on Digital Asset Markets report. The CFTC aims to position U.S. markets as a global leader in digital asset innovation while prioritizing customer protection and financial stability.
Source: CFTC.gov
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