The Commodity Futures Trading Commission (CFTC) published FAQs on March 20 that formally align capital haircut treatment for crypto assets with the Securities and Exchange Commission’s (SEC) existing framework.
The guidance clarifies how futures commission merchants (FCMs) and derivatives clearing organizations (DCOs) should handle crypto collateral under existing staff letters.
How the New Haircuts Work
The FAQ specifies that FCMs holding proprietary positions in Bitcoin (BTC) and Ether (ETH) should apply a minimum 20% capital charge.
Payment stablecoins receive a 2% haircut. Both rates mirror the SEC’s Division of Trading and Markets guidance for broker-dealers.
The CFTC stated it considered inter-agency harmonization essential when setting these rates. The FAQ explicitly references the SEC’s own frequently asked questions on crypto asset activities as a model.
This move follows a rapid series of joint actions. On March 17, the SEC and CFTC jointly classified 16 crypto assets, including Solana (SOL), XRP, and Cardano (ADA), as digital commodities under a shared token taxonomy.
Both agencies signed a Memorandum of Understanding on March 11, creating a Joint Harmonization Initiative under what CFTC Chairman Michael Selig and SEC Chairman Paul Atkins have called Project Crypto.
What It Means for Derivatives Markets
The FAQ also confirms that FCMs can apply customer crypto collateral to cover debit or deficit account balances, provided applicable haircuts are taken.
Only proprietary payment stablecoins may serve as residual interest in segregated accounts, while non-stablecoin crypto assets like BTC and ETH may not.
“Chairman Atkins and I are committed to fostering a regulatory environment that allows the crypto industry to flourish in the United States with clear and rational rules of the road,” said CFTC Chairman Michael S. Selig
The no-action position underpinning these rules, CFTC Staff Letter 26-05, originated from a December 2025 request by Coinbase Financial Markets.
It will expire once the Commission finalizes formal rules addressing digital asset collateral, including any implementing actions under the Guiding and Establishing National Innovation in U.S. Stablecoins Act (GENIUS Act).
