According to the source, the U.S. CFTC has launched a pilot program to test tokenized collateral within derivatives markets. Source: @WatcherGuru tweet dated Dec 8, 2025. The source post did not specify eligible assets, margin haircuts, participating DCOs/DCMs, or the start date—details that determine leverage, margin requirements, and capital efficiency. Source: @WatcherGuru tweet dated Dec 8, 2025. Collateral eligibility and haircuts for cleared derivatives are governed by CFTC-regulated clearinghouses and exchanges, which directly affect margin models for futures and swaps. Source: U.S. CFTC overview of Designated Contract Markets (DCMs), Derivatives Clearing Organizations (DCOs), and customer funds and margin requirements. Traders should await a formal CFTC press release or Federal Register notice defining the pilot’s scope and risk controls, and monitor CME-listed crypto futures basis, open interest, and spreads for sentiment shifts tied to regulatory headlines during U.S. hours. Source: CFTC rulemaking and notice process; CME Group product listings for Bitcoin and Ether futures.