CFTC Imposes Capital Charges on Bitcoin, Ethereum, and Stablecoins for Futures Firms

The Commodity Futures Trading Commission (CFTC) has released a derivatives collateral FAQ, outlining new capital charges for certain futures firms. According to NS3.AI, Bitcoin and Ethereum will incur a 20% capital charge, while payment stablecoins will face a 2% charge. Futures commission merchants utilizing the no-action process are required to file through WinJammer and, during an initial three-month period, can only accept payment stablecoins, Bitcoin, and Ethereum from customers. Swap dealers are prohibited from using cryptocurrencies as margin for uncleared swaps. However, clearinghouses are permitted to accept crypto as initial margin for cleared trades, provided they adhere to existing risk standards. The FAQ also indicates that the definition of payment stablecoins will transition to the GENIUS Act framework once the law is enacted.