Overview
- Futures commission merchants may count eligible non‑security crypto, including bitcoin, ether and payment stablecoins, toward margin in cleared accounts after haircuts, with the staff stating it would not recommend enforcement if conditions are met.
- Derivatives clearing organizations can accept crypto as initial margin for cleared transactions if assets meet credit, market and liquidity standards, with haircuts set and reviewed under stressed conditions.
- Minimum capital charges are set at 20% for bitcoin and ether and 2% for payment stablecoins, and only proprietary payment stablecoins may be posted by FCMs as residual interest in customer segregated accounts.
- For the first three months of participation, only bitcoin, ether and payment stablecoins may be accepted, firms must file advance notice, submit weekly holdings reports and promptly disclose significant operational or cybersecurity incidents.
- Crypto remains ineligible as initial or variation margin for uncleared swaps, though tokenized versions of otherwise eligible collateral may be exchanged by registered swap dealers if legal and economic rights are equivalent, and a House hearing on tokenization is scheduled for March 25.