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Regulation · Instrument · United States · No-action relief · Commodity Futures Trading Commission

CFTC Staff Letter 25-40 (reissued as 26-05): no-action position for FCMs accepting digital assets and payment stablecoins as margin

General no-action relief for futures commission merchants that accept non-securities digital assets, including payment stablecoins, as customer margin or hold proprietary payment stablecoins in segregated accounts. For the first three months only bitcoin, ether and USDC were accepted, with weekly reporting. Reissued in February 2026 so that national trust banks count as permitted stablecoin issuers.

In force · effective 8 Dec 2025 · part of CFTC tokenised collateral and digital-asset margin framework (staff guidance and pilot programme)

Timeline

  1. 8 Dec 2025 · In force
    Letter 25-40 issued.[1]
  2. 6 Feb 2026 · Amended
    Reissued with an updated payment stablecoin definition.[2]

Deployments operating under it

None recorded with a source yet.

Sources

  1. [1]Acting Chairman Pham Announces Launch of Digital Assets Pilot Program for Tokenized Collateral in Derivatives Markets — Commodity Futures Trading Commission, 8 Dec 2025. Accessed 12 Oct 2026.A
  2. [2]CFTC Staff Reissues Letter 25-40 Updating Payment Stablecoin Definition — Commodity Futures Trading Commission, 6 Feb 2026. Accessed 12 Oct 2026.A