The US CFTC has refined its rules for the crypto collateral pilot program: BTC/ETH capital adequacy ratio 20%.
PANews reported on March 22 that, according to Cointelegraph, the U.S. Commodity Futures Trading Commission (CFTC) has provided detailed guidance on a pilot program allowing crypto assets as collateral. The regulator has reiterated that futures brokers (FCMs) participating in the pilot program must submit a notification to the Market Participants Division specifying the start date for accepting crypto assets as margin. Key points include:
1. Capital Requirements: Only Bitcoin, Ethereum, and stablecoins are accepted as collateral. BTC/ETH is calculated based on a 20% capital adequacy ratio, and stablecoins are calculated based on a 2% capital adequacy ratio. Futures brokers participating in the pilot project can only accept Bitcoin, Ethereum, or stablecoins for the first three months.
2. Compliance and Reporting Obligations: Futures brokers participating in the pilot program must promptly report major cybersecurity or system issues and submit a weekly report on the total amount of encrypted assets in client accounts;
3. Three-month extension: Other crypto assets can be used as collateral after three months, while some reports require termination;
4. Restricted Use: Only the remaining equity of the customer's segregated account is allowed to be deposited into the dedicated payment stablecoin; crypto assets cannot be used as collateral for unsettled swaps, but eligible tokenized assets can be used as substitutes.
5. Requirements for Derivatives Clearing Institutions: Clearing institutions that meet the CFTC's credit, market, and liquidity risk requirements may accept crypto assets and stablecoins as initial margin for cleared transactions.
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