CFTC Clarifies Crypto Handling Rules with New Guidance

The Commodity Futures Trading Commission (CFTC) has published an updated FAQ document that clarifies how regulated financial intermediaries should handle crypto assets. The guidance, released on March 20, 2026, covers various aspects of crypto handling, including capital charges on Bitcoin and Ether.

According to the FAQs, futures commission merchants (FCMs), derivatives clearing organizations (DCOs), and swap dealers can use post-haircut values of non-security crypto assets to manage debit and deficit balances in futures accounts. However, proprietary payment stablecoins are subject to a 2% capital charge when deposited as residual interest in segregated customer accounts.

The CFTC also set a minimum capital charge of 20% for both Bitcoin and Ether, aligning with existing SEC standards. Additionally, the guidance confirms that crypto assets remain ineligible as initial or variation margin for uncleared swaps.

DCOs, however, received more flexibility, allowing them to accept qualifying crypto assets as initial margin, provided those assets meet the risk standards laid out in Regulation 39.13(g)(10).