#CFTCOKsBankStablecoins What Actually Happened?
On February 6, 2026, the U.S. Commodity Futures Trading Commission (CFTC) reissued Staff Letter 25-40 (originally from December 8, 2025) with a small but important change.
The original letter (25-40) gave a "no-action" position — meaning the CFTC won't enforce certain strict rules against Futures Commission Merchants (FCMs) — if they:
Accept specific non-securities digital assets (like payment stablecoins) as margin/collateral for futures & derivatives trading.
Hold some proprietary payment stablecoins in segregated customer accounts.
The update