WASHINGTON, March 20, 2026 — Staff of the U.S. Commodity Futures Trading Commission issued responses to frequently asked questions clarifying how existing regulatory frameworks apply to crypto asset and blockchain-related activities by registrants and registered entities.
The guidance, prepared by the CFTC’s Market Participants Division and Division of Clearing and Risk, addresses the treatment of crypto assets in areas including margin, capital requirements, custody arrangements and risk management under the Commodity Exchange Act.
The document states that it reflects staff views and does not establish new binding rules or amend existing regulations.
Clarifications on crypto asset margin use
The FAQs explain that futures commission merchants may apply the value of certain non-security crypto assets, including so-called payment stablecoins, deposited as margin to secure customer account balances, subject to applicable valuation adjustments and haircuts, according to the document.
The staff also said derivatives clearing organizations may accept crypto assets, including payment stablecoins, as initial margin for cleared transactions, provided the assets meet regulatory standards requiring minimal credit, market and liquidity risks.
However, the document notes that crypto assets, including stablecoins, are not included among eligible collateral for uncleared swaps under existing Commission regulations.
Capital treatment and haircut framework
According to the FAQs, staff would not object if futures commission merchants apply a capital charge of at least 20% for proprietary positions in bitcoin and ether, and approximately 2% for payment stablecoins, consistent with approaches referenced in related regulatory guidance.
The document also confirms that collateral haircuts must reflect credit, market and liquidity risks and be evaluated on an ongoing basis in line with existing regulatory requirements.
Custody and segregation requirements
The FAQs state that proprietary payment stablecoins may be deposited by futures commission merchants as residual interest in segregated customer accounts, subject to capital charges and regulatory conditions.
By contrast, other proprietary crypto assets, such as bitcoin or ether, may not be deposited as residual interest in customer segregated accounts.
The document further reiterates that entities must comply with existing segregation, custody and risk management requirements when handling crypto assets.
Context within broader CFTC cuidance
The FAQs follow earlier CFTC staff guidance addressing the use of tokenized assets as collateral in derivatives markets, which emphasized that such assets must meet existing regulatory standards related to liquidity, legal enforceability, custody and risk management.
CFTC staff said the FAQs were issued in response to questions received following publication of prior staff letters and are intended to provide additional clarity to market participants.
The document notes that the guidance may be updated over time as market practices and regulatory considerations evolve.
