Rep. French Hill’s name may or may not appear on the final legislation that will become crypto law in the United States, but he is the one who pushed it forward.
By Jesse Hamilton|Edited by Cheyenne Ligon
Updated December 8, 2025, 3:47 p.m. Published December 8, 2025, 3:00 p.m.
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CFTC Launches Digital Asset Pilot Allowing Bitcoin, Ether and USDC as Collateral
Acting President Caroline Pham unveiled a first-of-its-kind U.S. program allowing token collateral in derivatives markets, citing “clear safeguards” for companies.
What to know:
- The CFTC has launched a pilot program to use BTC, ETH and USDC as collateral in US derivatives markets.
- The program is aimed at licensed futures commission traders and includes strict custody, reporting and monitoring requirements.
- The agency also issued updated guidance for tokenized assets and removed outdated restrictions as a result of the GENIUS Act.
