CFTC pilot allows BTC, ETH and USDC as margin collateral for three months in U.S. derivatives

On December 9, 2025, the CFTC launched a pilot program that allows Bitcoin, Ethereum, and USDC to be posted as margin collateral in U.S. derivatives markets, limiting their use to collateral for the first three months, according to the agency. The CFTC also cleared spot crypto trading on CFTC‑registered venues, and Bitnomial plans to introduce leveraged spot products this week.