CFTC 更新有关加密资产和区块链技术的常见问题解答

New guidance clarifies how futures commission merchants can handle crypto collateral, stablecoins, and capital charges under the agency's digital assets pilot program

The Commodity Futures Trading Commission just published a detailed FAQ document that spells out how regulated financial intermediaries should handle crypto assets. Release No. 9200-26, dated March 20, 2026, covers everything from capital charges on Bitcoin and Ether to whether stablecoins can sit in customer accounts as residual interest.

The short answer on stablecoins: yes, but it’ll cost you. Specifically, a 2% capital charge.

What the guidance actually says

The FAQs target three types of regulated entities: futures commission merchants (FCMs), derivatives clearing organizations (DCOs), and swap dealers. These are the plumbing of the derivatives market, the firms that clear trades, hold customer funds, and manage counterparty risk.

For FCMs, the guidance confirms they can use post-haircut values of non-security crypto assets to manage debit and deficit balances in futures accounts. In simpler terms, if a customer’s account dips below required levels, the firm can count certain crypto holdings toward covering that gap, but only after applying a discount to reflect the asset’s volatility.

Proprietary payment stablecoins get a slightly different treatment. FCMs can deposit them as residual interest in segregated customer accounts, which is the buffer firms maintain above what customers actually need. The catch is a 2% capital charge, meaning for every dollar of stablecoin deposited, the firm must hold two cents of additional capital against it.

Bitcoin and Ether carry a much steeper price tag. The CFTC set a minimum capital charge of 20% for both, aligning with existing SEC standards.

One area where the CFTC drew a hard line: crypto assets remain ineligible as initial or variation margin for uncleared swaps.

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DCOs, however, got somewhat more flexibility. The guidance allows them to accept qualifying crypto assets as initial margin, provided those assets meet the risk standards laid out in Regulation 39.13(g)(10). That regulation requires collateral to have minimal credit, market, and liquidity risk.

Building on the December pilot

This FAQ release didn’t emerge from thin air. It builds on the CFTC’s digital assets pilot program launched in December 2025, which began testing how crypto could fit into existing regulatory frameworks without requiring entirely new rulemaking.

The March guidance also integrates findings from two prior staff letters. CFTC Staff Letter 25-39 addressed tokenized collateral, exploring how traditional assets represented on blockchains should be treated under existing rules. Staff Letter 26-05 dealt specifically with digital assets as margin collateral, laying the analytical groundwork for the capital charge framework now formalized in the FAQs.

One important caveat: the entire FAQ document is classified as non-binding guidance. It represents the CFTC staff’s current interpretation of existing rules, not new regulation with the force of law. Firms that follow it can expect favorable treatment from examiners, but technically, the guidance could be revised or superseded without a formal rulemaking process.

What this means for the market

The harmonization with SEC capital charge standards is arguably the most consequential element here. A 20% capital charge on Bitcoin from the CFTC matching the SEC’s framework removes one source of friction for firms operating at the intersection of securities and commodities regulation.

The stablecoin provisions could prove particularly significant for market structure. Allowing payment stablecoins as residual interest at a 2% capital charge effectively gives these instruments a regulatory stamp of approval for use within the derivatives clearing ecosystem.

The exclusion of crypto from uncleared swap margins signals that regulators still view these assets as ineligible for the bilateral derivatives market’s collateral pool.

For DCOs willing to accept crypto as initial margin, the path forward involves demonstrating that specific assets meet the risk standards of Regulation 39.13(g)(10), requiring minimal credit, market, and liquidity risk.