# CFTC staff permits conditional use of specified digital assets as FCM margin collateral

> CFTC staff provided a conditional no-action position for FCMs accepting specified payment stablecoins and other non-security digital assets as margin collateral and recognizing their value for identified capital and segregation calculations.

- URL: https://riadefi.com/regulation/2026-02-06-cftc-letter-26-05-digital-assets-margin-collateral/
- Posture: Guidance
- Authorities: CFTC Market Participants Division
- Event date: 2026-02-06
- Version: 1, published 2026-08-07 (first published 2026-08-07)
- Advisor-relevant: yes

## What changed

CFTC staff provided a conditional no-action position for FCMs accepting specified payment stablecoins and other non-security digital assets as margin collateral and recognizing their value for identified capital and segregation calculations. The reissued letter expands the payment-stablecoin issuer definition to include a qualifying national trust bank.

## Who it affects

- FCMs, derivatives customers, clearing members, CTAs, and CPOs
- Advisers using crypto collateral for futures and options accounts

## What is still open

- FCM adoption, eligible-asset lists, haircuts, custody, segregation, and liquidation practices
- Durability of staff relief and interaction with future Commission rules

## What it means for an advisor

- Diligence FCM eligibility criteria, concentration limits, haircuts, custody, segregation, liquidation, and stablecoin redemption
- Explain that collateral acceptance does not establish investment suitability or eliminate volatility and operational risk

## Previous interpretation

The earlier Letter 25-40 did not expressly include a national trust bank within the specified payment-stablecoin issuer definition.

## Sources

1. [CFTC Staff Letter 26-05 — Digital Assets Accepted as Margin Collateral](https://www.cftc.gov/csl/26-05/download) · CFTC Market Participants Division · 2026-02-06


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Published by Ketju Research on RIADeFi (https://riadefi.com). Educational research for financial professionals; not investment, legal, tax, or compliance advice.