The Commodity Futures Trading Commission has opened the door for tokenized assets to be used across U.S. derivatives markets.
Pilot Program Overview
The commission has launched a digital assets pilot program covering Bitcoin, Ethereum, USDC, and tokenized real-world assets. In its December 8 announcement, the agency stated the program allows registered futures commission merchants to accept Bitcoin, Ethereum, USDC, and tokenized real-world assets as margin collateral under direct CFTC oversight.
A Controlled Framework for Digital Collateral
Acting Chair Caroline Pham described the rollout as a structured way to bring crypto activity onshore after years of volatility on offshore exchanges. She added that the pilot is meant to blend innovation with long-standing market protections.
Under the program, firms must provide weekly reports showing the assets held in customer accounts and disclose any operational issues. The CFTC also released updated guidance confirming that its rules are technology-neutral, meaning tokenized Treasuries, money-market funds, and other RWAs can fit within existing collateral standards if custody and valuation controls are strong enough.
The agency withdrew Staff Advisory 20-34 at the same time. Regulators said the advisory no longer reflects today’s market now that the GENIUS Act is in place and tokenization has advanced. Removing the advisory lifts earlier restrictions that had limited firms’ ability to hold digital assets as collateral.
The new pilot builds on its crypto sprint initiative from September and considers recommendations from its Digital Asset Markets Subcommittee. The program is designed to test operational resilience, collateral handling, and market impact in a controlled environment.
While the first phase is limited, it creates a formal path for tokenized assets, from stablecoins to tokenized Treasuries, to operate inside the world’s largest derivatives market under clear rules. For the CFTC, it marks a shift toward a market structure where tokenized collateral and 24/7 settlement can exist within the same regulatory framework that governs traditional futures.
Industry Reaction and the Push for Efficient Settlement
Industry leaders welcomed the change. Coinbase’s legal chief Paul Grewal said tokenized assets offer faster and safer settlement. Circle called the move an important step for stablecoins in regulated markets.
Crypto.com chief executive officer Kris Marszalek said the program gives U.S. firms clarity that other regions already enjoy. Ripple executives said the shift should improve capital efficiency and open the door for wider use of tokenized money-market funds and institutional stablecoins.
The announcement also lands just days before major banks meet U.S. senators on December 11 to discuss crypto legislation. Tokenized collateral is expected to feature heavily. In a separate development, the SEC has closed its multi-year inquiry into tokenized RWA issuer Ondo Finance, reducing regulatory uncertainty for the sector.