The Commodity Futures Trading Commission on Monday launched a first-of-its-kind U.S. program, enabling approved futures commission merchants to accept Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and payment stablecoins such as USDC as collateral for futures and swaps.
CFTC Approves Bitcoin, Ether And Stablecoins As Margin Collateral
The announcement was made by Acting Chair Caroline Pham.
Pham said the program provides "clear guardrails" for tokenized collateral and expands oversight of customer asset protection.
Approved firms must follow strict custody and reporting rules, including weekly disclosures during the first three months.
The agency also issued updated guidance for tokenized real-world assets such as U.S. Treasuries and withdrew a 2020 advisory that had restricted the use of digital assets as collateral.
The move follows the GENIUS Act, which overhauled federal treatment of tokenized assets and enabled new forms of market participation.
Coinbase Inc. (NASDAQ:COIN) Chief Legal Officer Paul Grewal said the "unlock" aligns with Congress's intentions under the updated framework.
Why The Pilot Matters For Market Infrastructure
The program marks the first formal U.S. allowance for tokenized collateral in major regulated markets.
It also introduces a path for firms to hold digital assets in segregated customer accounts under limited no-action relief from the CFTC.
In practice, a regulated intermediary could now accept Bitcoin as margin for a commodity swap, while the CFTC supervises custody, valuation and capital risk controls behind the scenes.
The move widens Bitcoin's role inside traditional finance and may encourage broader institutional trading activity.
Bitcoin Technicals Show Failed Breakout As Sellers Hold Control
BTC Price Action (Source: TradingView)
Bitcoin remains stuck in a weak zone despite the regulatory catalyst.
BTC attempted a breakout above the falling trendline yesterday, but failed to sustain momentum, slipping back under the structure within a day.
A breakout that cannot hold even one or two sessions is generally treated as weak.
The 20- and 50-day EMAs cluster near $90,400–$91,000, forming a resistance band alongside the 0.382 Fibonacci level at $90,799.
BTC has rejected this area multiple times.
A close above $93,500 would be required to shift trend structure and signal real improvement.
Moreover, the Supertrend is red, and SAR markers sit above the price.
Until these flip, upside attempts are considered counter-trend moves.
Key Levels BTC Traders Are Watching
The $90,000 region is the main battleground as traders test the strength of the current structure.
Bitcoin’s breakdown below $90,000 exposes $88,500 support, and losing that level risks a fast drop toward $86,800 and then $84,900 due to thin structure underneath.
Upside improves only if Bitcoin holds above $93,500 — the level that would invalidate the current descending pattern and open the path toward the next resistance area around $97,100.
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