CFTC updates FAQs on crypto assets and blockchain technologies

The Commodity Futures Trading Commission just published a detailed FAQ document that spells out how regulated financial intermediaries should handle crypto assets. Release No. 9200-26, dated March 20, 2026, covers everything from capital charges on Bitcoin and Ether to whether stablecoins can sit in customer accounts as residual interest. The short answer on stablecoins: yes, but it’ll cost you. Specifically, a 2% capital charge. What the guidance actually says The FAQs target three types of regulated entities: futures commission merchants (FCMs), derivatives clearing organizations (DCOs), and swap dealers. These are the plumbing of the derivatives market, the firms that clear trades, hold customer funds, and manage counterparty risk. For FCMs, the guidance confirms they can use post-haircut values of non-security crypto assets to manage debit and deficit balances in futures accounts. In simpler terms, if a customer’s account dips below required levels, the firm can count certain crypto holdings toward covering that gap, but only after applying a discount to reflect the asset’s volatility. Proprietary payment stablecoins get a slightly different treatment. FCMs can deposit them as ...