The Commodity Futures Trading Commission (CFTC) published FAQs on March 20 that formally align capital haircut treatment for crypto assets with the Securities and Exchange Commission’s (SEC) existing framework. The guidance clarifies how futures commission merchants (FCMs) and derivatives clearing organizations (DCOs) should handle crypto collateral under existing staff letters. How the New Haircuts Work The FAQ specifies that FCMs holding proprietary positions in Bitcoin (BTC) and Ether (ETH) should apply a minimum 20% capital charge. Payment stablecoins receive a 2% haircut