Interpretation of the real turning point in encryption regulations: BTC, ETH, and USDC now can be us

Major breakthroughs in US crypto regulation: The Acting Chair of the CFTC, Caroline D. Pham, announced the launch of a pilot program for digital asset collateral. For the first time, mainstream crypto assets such as BTC, ETH, and USDC can be used as legal collateral in regulated US derivatives markets. Additionally, regulators have issued new guidelines regarding tokenized collateral and abolished outdated rules that became invalid due to the introduction of the GENIUS Act. In other words, the US is beginning to pave the way for the standardization of crypto collateral. Caroline emphasized that the concept of “responsible innovation” is helping to restore the US market to a leading position globally. When funds can flow more securely and efficiently, the potential for investment returns in the financial system will be significantly increased.

Crypto assets are now officially allowed to participate in derivatives markets in a compliant manner.

The pilot program for digital asset collateral initiated by the CFTC is essentially an initiative by US regulators to make room for new developments. In the past, in regulated US derivatives markets, collateral could only be in the form of traditional assets such as cash, government bonds, and commercial papers. Crypto assets were not allowed to be used as collateral. The launch of this pilot program means that regulators have officially recognized that digital assets can be used as collateral in mainstream financial transactions. The details of the program are as follows:

Targeted to: Futures Commission Merchants (FCMs)

The pilot program is aimed at licensed futures commission merchants, who are key participants in the derivatives market, responsible for managing client funds, providing collateral management, and clearing channels.

Available assets: BTC, ETH, USDC

初期三个月内，FCM(期货佣金商)可接受的数字资产抵押品限定为BTC、ETH和USDC，并需分账户按周向CFTC报告持仓规模。监管明确表示，此举坚持“技术中立”原则，关注的是风险属性，而非资产标签。

监管要求极为严格

为了确保传统金融体系的稳定性，CFTC给出了高度审慎的要求，包括：

● 数字资产必须存放于隔离账户，不可与机构自有资金混合;

● FCM必须每周向CFTC报告持仓变化;

● 遇到重大问题需即时上报;

● CFTC将对数字资产采用最保守的折扣率(haircut)，以对冲价格波动风险。

换句话说，监管并不是简单放行，而是建立一套可控、可审计、可追踪的制度框架。

废除旧规，推出新指引

伴随数字资产抵押品试点计划启动，CFTC宣布废除2020年的20-34号通告——这份旧规在《GENIUS法案》通过后已不再适合当前市场。CFTC同时发布了针对“代币化抵押品”的全新监管指南，为未来的“代币化国债、代币化基金”等传统资产的链上化提供了制度基础。

监管态度转变：提供“无行动保护”

For FCMs that wish to pilot the use of digital asset collateral, the CFTC has provided a form of “no-action relief,” providing regulatory clarity for these institutions and requiring them to maintain robust risk control measures. This essentially means that the CFTC is indicating to these institutions that they can operate within the rules framework, and there will be no additional enforcement actions. For traditional institutions that want to enter the crypto market, this is a significant comfort factor.

Opinions from industry experts

Coinbase: Confirming industry consensus and driving payment innovation

Paul Grewal, Chief Legal Officer at Coinbase, wrote on the X platform: “The CFTC’s pilot program involving digital asset collateral confirms what has long been recognized in the crypto industry: stablecoins and digital assets can make payments faster, cheaper, and more risk-effective.” Paul Grewal pointed out that this pilot program aligns with the intentions behind the GENIUS Act passed by Congress, and it will pave the way for stablecoins to become key settlement tools, enabling faster and cheaper cross-border payments. Faryar Shirzad, Chief Policy Officer at Coinbase, added that this move will significantly enhance the utility of digital assets, attracting more institutional investors to regulated markets. At the same time, the potential of stablecoins as settlement tools will be fully realized, leading to faster and cheaper cross-border payments.

Crypto.com: Opening up 24/7 trading opportunities in the US market is a milestone in the mainstreaming of crypto assets

Crypto.com CEO Kris Marszalek在X平台发文表示：“这一宣布将使美国实现真正的24/7交易现实，推动加密资产与主流金融深度融合。”他强调，代币化抵押品的使用将减少结算摩擦，提升流动性，并为全球市场树立标杆，这不仅是技术进步，更是监管对创新的“绿色通道”。

Circle：降低结算风险，拥抱实时清算

Circle总裁Heath Tarbert对此评论道：“这是加密市场的‘解锁时刻’，允许机构在保持资产暴露的同时高效管理风险。这些变化将通过启用近实时保证金结算，显著降低衍生品交易中的结算风险和摩擦。”此外，Heath Tarbert特别提到USDC作为合格抵押品，将进一步巩固稳定币在传统金融中的核心角色。

Ripple：解锁资本效率，美国重夺领导权

Ripple公司在回应中称，这一试点“终于为机构提供了期待已久的资本效率解锁”，强化了美国在关键时刻的全球领导地位。同时指出，允许BTC、ETH和USDC直接作为保证金，将减少机构需将加密资产转换为现金的摩擦，推动数万亿美元资金流入受监管衍生品市场，这标志着从“离岸不确定性”向“本土合规”的战略转向。

Overall, although the digital asset collateral pilot program is a short-term experiment lasting three months, its strict reporting and risk control mechanisms—such as weekly disclosure of holdings and maximum discount rates—ensure a secure foundation for future expansion. In the short term, this program has limited impact on individual investors, but in the long run, it represents an important signal of institutional acceptance.

The real turning point in US crypto regulation

The CFTC’s digital asset collateral pilot not only allows BTC, ETH, and USDC to be used as compliant collateral, but also marks the first time that digital assets have been institutionalized in the US core financial markets. Futures and swap markets are among the most important financial centers worldwide. When crypto assets can be used as collateral in these markets, they move from being speculative assets to regulated financial instruments. Institutional investors now have clear pathways to compliance, while market liquidity and capital efficiency improve accordingly.

The inclusion of the stablecoin USDC is particularly symbolic. It is officially recognized as a digital form of the US dollar that supports financial transactions. This not only reinforces the US dollar’s position as a core currency in online payments and settlements, but also paves the way for stablecoins to become key financial infrastructure components. This indicates that US regulations are shifting from “restrictions” to “institutional guidance,” providing a clear framework for the development of tokenized finance. This includes essential requirements such as custody, isolation, valuation, and risk management, laying the groundwork for the onlineization of tokenized government bonds, funds, and money market instruments in the future.

In the short term, this pilot program has limited impact on individual investors. Its strict reporting and risk management mechanisms ensure market stability. However, in the long run, this is an important signal from institutional-level approvals. It means that more capital will flow into the crypto market through regulated channels. The settlement capabilities of stablecoins will be fully utilized, and the liquidity and efficiency of the derivatives market are expected to improve significantly. More importantly, this pilot program reflects a structural shift in U.S. regulations: crypto assets are no longer just speculative objects, but rather legitimate assets that can be integrated into the mainstream financial system.

If crypto ETFs represent the “entry of crypto assets into the asset class,” then the CFTC’s launch of digital asset collateral programs marks the “official integration of crypto assets into the U.S. financial system.” In the future, more assets will be tokenized, institutions will use blockchain-based assets as collateral, and dollars will be circulated within the blockchain through stablecoins. This isn’t just short-term policy measures; it also indicates a new era of deep integration between crypto and mainstream finance.