CFTC Quietly Adjusts Stablecoin Guidelines for US Banks
The US Commodity Futures Trading Commission (CFTC) expanded its digital asset securities framework on February 6.
This amendment will allow futures commission merchants (FCMs) to accept stablecoins issued by national trust banks as margin.
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Enter the margin of US derivatives issued by the bank Stablecoins
The revision outlined in Staff Letter 25-40 will serve as a critical course correction for the December guidance.
That previous framework inadvertently created a two-tier system by limiting stablecoins to payments issued by state-controlled money transmitters or fiduciary companies.
The oversight effectively excluded federally chartered national trust banks from underwriting derivatives in emerging markets.
Therefore, their exclusion from the previously approved collateral list was an unintended error that required immediate correction.
In this sense, this reform ensures that stablecoins issued by national trust banks are similar to current state-controlled assets such as Circle and Paxos.
CFTC Chairman Mike Selig described the review as a strategic move to strengthen America's dominance in the digital asset sector.
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“With the Genius Act and the CFTC's new qualified securities framework, America is a global leader in stablecoin innovation,” Selig said in a statement Friday.
The update is critical for the clearing industry, which has struggled to integrate digital assets into traditional settlement workflows.
Salman Bane, General Counsel of Plum Network, pointed out the practical significance of the amendment:
“Thus, GENIUS Act compliant stablecoins can be used as a payment leg for institutional derivatives settlements.”
The Commission has stated that it will not take enforcement action against FCMs that receive new qualifying assets. However, this leniency is subject to compliance with the revised reporting protocols outlined in the no-action letter.
Meanwhile, this latest step is part of a wider pilot program launched by the Commission last year.
Under this initiative, FCMs are temporarily allowed to use Bitcoin, Ethereum and eligible stablecoins as collateral for derivatives trading.
However, the CFTC emphasized that this relief comes with stronger oversight.
Participating FCMs must submit frequent reports detailing the holdings of their digital assets and promptly report any significant operational failures, disruptions or cyber security risks.
This reporting system effectively places the industry in a regulatory sandbox, where operational resilience during this testing period will determine the long-term viability of crypto-collateral.
