The regulator has published operational requirements for futures commission merchants (FCM) and clearing organizations. They are required to maintain reserves of 20% for BTC and ETH and 2% for stablecoins. Additionally, companies are not allowed to invest client funds in payment stablecoins. With these guidelines, the CFTC aligns its recommendations with SEC rules.
The CFTC has also introduced a 3-month trial period for companies to receive no-objection letters. During this period, they will only be able to accept stablecoins, BTC, and ETH from clients. They are also required to submit weekly reports on crypto assets for all classes of client accounts. After the period expires, these restrictions are lifted, and FCM companies can expand their activities to include other crypto assets.