CoinDesk Podcast Network Inside the CFTC's Digital Asset Pilot Program with Acting Chairman Caroline Pham
Dec 10, 2025
In this insightful discussion, Caroline Pham, Acting Chairman of the U.S. Commodity Futures Trading Commission, unveils the Digital Assets Pilot Program, allowing select digital assets like bitcoin and ether as collateral in U.S. derivatives markets. She emphasizes the importance of guardrails and introduces new guidance on tokenized real-world assets. Pham also reflects on her role in this regulatory evolution and the significance of preparing for the future of crypto in the U.S.
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Digital Assets Allowed As Derivatives Collateral
- The CFTC launched a pilot allowing Bitcoin and Ether as collateral in U.S. derivatives markets.
- Caroline Pham frames this as bringing crypto trading into U.S. regulatory perimeter for stronger protections.
Onshore Markets Protect Customers
- Pham links leveraging spot crypto trading on CFTC exchanges to protecting Americans from offshore exchange losses.
- She ties U.S. market access to long-standing protections for customer assets and market integrity.
Tokenized Real-World Assets Fit Existing Rules
- The CFTC issued guidance saying tokenized U.S. treasuries and bonds can be analyzed under existing rules.
- Pham argues a tech wrapper doesn't change the underlying nature of real-world assets.