CFTC Updates Crypto Guidance Amid Growing Treasury Market

The Commodity Futures Trading Commission (CFTC) has released updated FAQs on crypto assets and blockchain technology, providing clarity for registrants and registered entities.

According to the guidance, futures commission merchants (FCMs) may use customer-deposited non-security crypto assets as margin, subject to a minimum 2% capital charge. FCMs can also deposit proprietary payment stablecoins as residual interest in segregated customer accounts, but not other crypto assets like Bitcoin or Ether.

The CFTC has also set a 20% capital charge on proprietary positions in Bitcoin and Ether, aligning with the SEC's broker-dealer haircut framework. Derivatives clearing organizations (DCOs) can now accept crypto assets as initial margin for cleared transactions, provided they meet existing risk standards.

CFTC Chairman Michael Selig emphasized the importance of tokenization in his recent speech at the 2026 U.S. Treasury Market Conference. He noted that tokenization has the potential to enable 'near-instantaneous settlement and real-time collateral mobility,' and that the CFTC is taking an asset-class-specific approach to continuous trading.

The NYSE and Blockchain.com have announced a strategic collaboration to explore offering 24/7 global access to tokenized versions of NYSE-listed U.S. stocks and exchange-traded funds. The partnership also establishes a two-way data exchange, allowing for the distribution of crypto market data and real-time stock data.