{"id":1616,"date":"2026-06-11T03:45:17","date_gmt":"2026-06-10T22:15:17","guid":{"rendered":""},"modified":"2026-06-11T03:56:36","modified_gmt":"2026-06-10T22:26:36","slug":"cftc-crypto-derivatives-regulation-explained-2026-guidance-pilot-program-2","status":"publish","type":"post","link":"https:\/\/stnews.live\/fr\/2026\/06\/cftc-crypto-derivatives-regulation-explained-2026-guidance-pilot-program-2\/","title":{"rendered":"R\u00e9glementation des d\u00e9riv\u00e9s crypto par la CFTC expliqu\u00e9e : directives 2026, programme pilote"},"content":{"rendered":"\n

Cet article est \u00e0 des fins d’information uniquement et ne constitue pas un conseil financier ou d’investissement. Les march\u00e9s des cryptomonnaies sont tr\u00e8s volatils. Faites toujours vos propres recherches avant de prendre des d\u00e9cisions d’investissement.<\/em><\/p>\n\n\n

Mises \u00e0 jour r\u00e9centes sur la r\u00e9glementation des d\u00e9riv\u00e9s<\/a> de la CFTC en mati\u00e8re de cryptomonnaies : En 2026, le paysage de la r\u00e9glementation des d\u00e9riv\u00e9s de cryptomonnaies de la CFTC entre dans une nouvelle phase. Les directives clarifient enfin les actifs num\u00e9riques utilis\u00e9s comme garantie, tandis que le volume annuel des \u00e9changes de d\u00e9riv\u00e9s atteint 7,5 trillions de dollars, selon Morgan Lewis. Les r\u00e8gles mises \u00e0 jour sp\u00e9cifient d\u00e9sormais exactement quels actifs num\u00e9riques peuvent \u00eatre consid\u00e9r\u00e9s comme des garanties, tra\u00e7ant une ligne claire entre les mati\u00e8res premi\u00e8res et les valeurs mobili\u00e8res.<\/p>\n\n\n

Les actions conjointes de la CFTC et de la SEC offrent plus de certitude aux institutions, puisque les r\u00e8gles d’\u00e9ligibilit\u00e9, les exigences de reporting et les charges de capital sont toutes mises en lumi\u00e8re gr\u00e2ce \u00e0 des FAQ d\u00e9taill\u00e9es et des lettres officielles du personnel.<\/p>\n\n\n

La Commodity Futures Trading Commission (CFTC), \u00e9tablie en 1974, est l’agence am\u00e9ricaine charg\u00e9e des contrats \u00e0 terme et des options. Elle supervise d\u00e9sormais les d\u00e9riv\u00e9s d’actifs num\u00e9riques, selon Merkle Science. Cette autorit\u00e9 d\u00e9coule de la Commodity Exchange Act et se concentre sur une mission cl\u00e9 : pr\u00e9venir les abus de march\u00e9, la fraude et s’assurer que le trading reste liquide et ordonn\u00e9.<\/p>\n\n\n

Comme le note Morgan Lewis, la CFTC<\/a> est le principal r\u00e9gulateur des d\u00e9riv\u00e9s d’actifs num\u00e9riques, tels que les contrats \u00e0 terme ou options sur bitcoin et ether. Chaque bourse listant ces produits doit respecter des exigences de reporting strictes, des attentes de divulgation rigoureuses et les normes de gestion des risques robustes \u00e9tablies par la CFTC.<\/p>\n\n\n

Des milliards de dollars circulent chaque jour sur ces march\u00e9s, un volume qui, selon Morgan Lewis, soumet chaque strat\u00e9gie de trading aux exigences de capital impos\u00e9es par la CFTC. Bien que la SEC<\/a> revendique encore son autorit\u00e9 sur certains tokens, la clart\u00e9 r\u00e9glementaire est g\u00e9n\u00e9ralement atteinte par le biais de publications interpr\u00e9tatives conjointes SEC-CFTC et de lettres de non-action. Ces publications l\u00e9gales d\u00e9finissent quels d\u00e9riv\u00e9s sont list\u00e9s et \u00e9tablissent les protocoles de marge que chaque bourse doit suivre. Ainsi, les entreprises doivent jongler avec des normes qui se chevauchent des deux agences pour atteindre la conformit\u00e9 : l’harmonie r\u00e9glementaire progresse, bien qu’elle ne soit pas garantie.<\/p>\n\n\n

\n\n\n

Explication des r\u00e9centes directives de r\u00e9glementation des d\u00e9riv\u00e9s de cryptomonnaies de la CFTC<\/h2>\n\n\n

La Division des participants au march\u00e9 (MPD) et la Division du clearing et des risques (DCR) de la CFTC ont publi\u00e9 des r\u00e9ponses \u00e0 11 FAQ sur la r\u00e9glementation des d\u00e9riv\u00e9s de cryptomonnaies le 20 mars 2026, selon Morgan Lewis. Ce mouvement a fourni la feuille de route de conformit\u00e9 la plus compl\u00e8te \u00e0 ce jour pour les \u00c9tats-Unis.<\/p>\n\n\n

Les FAQ de mars 2026 clarifient que seuls les cryptos \u00ab non-s\u00e9curis\u00e9s \u00bb\u2014comme le bitcoin, l’ether, certains stablecoins de paiement, ainsi que quelques fonds de march\u00e9 mon\u00e9taire tokenis\u00e9s\u2014peuvent \u00eatre compt\u00e9s comme garantie de marge, selon Morgan Lewis et comme l’exige la r\u00e9glementation des d\u00e9riv\u00e9s de cryptomonnaies de la CFTC. Les FCM doivent utiliser des d\u00e9cotes bas\u00e9es sur le risque lors de l’\u00e9valuation des garanties d’actifs num\u00e9riques, et ils sont tenus de soumettre des avis de conformit\u00e9 \u00e9lectroniques \u00e0 la MPD, d\u00e9crivant chaque mesure en d\u00e9tail.<\/p>\n\n\n

Cette directive \u00e9largie s’appuie sur le programme d’harmonisation SEC-CFTC de janvier 2026, qui a align\u00e9 les r\u00e8gles de risque et de capital pour les d\u00e9riv\u00e9s num\u00e9riques, selon Latham & Watkins. En alignant les approches, les institutions principales naviguent d\u00e9sormais avec moins d’incertitude r\u00e9glementaire. Selon les analystes, cette clart\u00e9 repr\u00e9sente un bond en avant majeur pour la stabilit\u00e9 du march\u00e9.<\/p>\n\n\n

\n\n\n

Essentiels des directives sur les garanties tokenis\u00e9es sous la r\u00e9glementation de la CFTC<\/h2>\n\n\n

La lettre du personnel de la CFTC 25-39, publi\u00e9e en d\u00e9cembre 2025 et mise \u00e0 jour en lettre du personnel 26-05 au d\u00e9but de 2026, a apport\u00e9 des exigences strictes pour les garanties tokenis\u00e9es dans les d\u00e9riv\u00e9s num\u00e9riques, selon Morgan Lewis. Les lettres du personnel ont confirm\u00e9 que les stablecoins de paiement, le bitcoin, l’ether et certains fonds de march\u00e9 mon\u00e9taire tokenis\u00e9s sont tous \u00e9ligibles en tant que garanties de marge\u2014mais seulement s’ils r\u00e9ussissent les tests rigoureux de la CFTC.<\/p>\n\n\n

Chaque actif num\u00e9rique accept\u00e9 comme garantie est soumis \u00e0 une d\u00e9cote bas\u00e9e sur le risque, r\u00e9duisant sa valeur pour aider \u00e0 amortir la volatilit\u00e9, comme le d\u00e9crit Morgan Lewis. Avant d’utiliser la lettre du personnel 26-05, les FCM doivent soumettre \u00e9lectroniquement \u00e0 la MPD. Si un FCM utilise ses propres stablecoins de paiement, il fera face \u00e0 une charge de capital minimale de 2 %. Les positions en bitcoin et en ether entra\u00eenent une charge de capital minimale de 20 % en raison des fluctuations de prix plus \u00e9lev\u00e9es, comme sp\u00e9cifi\u00e9 par la r\u00e9glementation CFTC 1.17(c)(5)(ii) en conformit\u00e9 avec la r\u00e9glementation des d\u00e9riv\u00e9s de cryptomonnaies de la CFTC.<\/p>\n\n\n

\n\n\n

Cryptomonnaies non-s\u00e9curis\u00e9es comme marge : Explication de la r\u00e9glementation des d\u00e9riv\u00e9s de la CFTC<\/h2>\n\n\n

\u00c0 partir de d\u00e9but 2026, les FCM qui se conforment \u00e0 la lettre du personnel 26-05 peuvent compter les cryptomonnaies non-s\u00e9curis\u00e9es des clients, comme le bitcoin et l’ether, pour la marge, apr\u00e8s d\u00e9cote, afin de couvrir les d\u00e9ficits de compte, selon Morgan Lewis.<\/p>\n\n\n

Les FCM sont tenus de notifier la MPD \u00e9lectroniquement avant de traiter les actifs num\u00e9riques comme garanties, selon Morgan Lewis, rendant la tra\u00e7abilit\u00e9 r\u00e9glementaire transparente sous la r\u00e9glementation des d\u00e9riv\u00e9s de la CFTC expliqu\u00e9e. L’acceptation des cryptomonnaies non-s\u00e9curis\u00e9es comme marge permet aux entreprises d’optimiser la marge de mani\u00e8re plus flexible qu’avec uniquement des liquidit\u00e9s et des bons du Tr\u00e9sor. Les charges de capital minimales ne changent pas : 2 % pour les stablecoins, 20 % pour le bitcoin et l’ether.<\/p>\n\n

La soci\u00e9t\u00e9 m\u00e8re de Kraken @Payward<\/a> acquiert @Bitnomial<\/a> – la premi\u00e8re entreprise de d\u00e9riv\u00e9s enti\u00e8rement agr\u00e9\u00e9e par la CFTC aux \u00c9tats-Unis, con\u00e7ue pour les actifs num\u00e9riques. Con\u00e7ue pour la crypto d\u00e8s le d\u00e9part.

Les marges au comptant, les perp\u00e9tuels et les options arrivent sur Kraken sous la r\u00e9glementation de la CFTC.https:\/\/t.co\/IBLotDkqQF<\/a><\/p>\u2014 Kraken (@krakenfx) 17 avril 2026<\/a><\/blockquote>\n\n\n\n

Ce changement r\u00e9glementaire offre aux traders institutionnels plus d’options, permettant aux principaux teneurs de march\u00e9 d’augmenter la liquidit\u00e9 dans les d\u00e9riv\u00e9s num\u00e9riques, comme l’explique Morgan Lewis. La question de savoir si d’autres actifs cryptographiques deviendront \u00e9ligibles en tant que marge d\u00e9pendra des r\u00e9sultats des programmes pilotes\u2014et de la mani\u00e8re dont les interm\u00e9diaires respectent la conformit\u00e9 selon la r\u00e9glementation des d\u00e9riv\u00e9s de cryptomonnaies de la CFTC expliqu\u00e9e dans les lettres actuelles.<\/p>\n\n\n

\n\n\n

Programme pilote pour les garanties d’actifs num\u00e9riques : R\u00e9glementation des d\u00e9riv\u00e9s de cryptomonnaies de la CFTC<\/h2>\n\n\n

Au printemps 2026, la CFTC a introduit sa lettre de non-action sur les garanties d’actifs num\u00e9riques. Lancement d’un programme pilote de trois mois pour que les FCM acceptent certains actifs num\u00e9riques (stablecoins de paiement, bitcoin et ether) comme marge, comme le rapporte Morgan Lewis. L’objectif r\u00e9el est un test de r\u00e9sistance : les protocoles de risque, d’op\u00e9rations et de conformit\u00e9 peuvent-ils tenir avant une adoption plus large sous l’\u00e9volution de la r\u00e9glementation des d\u00e9riv\u00e9s de cryptomonnaies de la CFTC expliqu\u00e9e dans les programmes pilotes ?<\/p>\n\n\n

Les FCM participant au pilote effectuent des tests de solvabilit\u00e9 et de liquidit\u00e9 24 heures sur 24, tout en travaillant avec des groupes d’autor\u00e9gulation pour renforcer leur solidit\u00e9 op\u00e9rationnelle, selon la CFTC. Seuls les actifs num\u00e9riques les plus stables et liquides passent cette s\u00e9lection\u2014ce qui signifie que les principales monnaies de paiement, le bitcoin et l’ether sont autoris\u00e9s pour l’instant.<\/p>\n\n\n

\n\n\n

Cadre interpr\u00e9tatif de la SEC et de la CFTC pour la r\u00e9glementation des d\u00e9riv\u00e9s de cryptomonnaies<\/h2>\n\n\n

Le 17 mars 2026, la SEC et la CFTC ont publi\u00e9 une publication interpr\u00e9tative conjointe\u2014d\u00e9crite par Latham & Watkins.<\/p>\n\n\n

La publication d\u00e9taille comment les actifs sont class\u00e9s\u2014en utilisant le test du contrat d’investissement, les b\u00e9n\u00e9fices anticip\u00e9s et la pr\u00e9sence d’un contr\u00f4le centralis\u00e9, selon Latham & Watkins.<\/p>\n\n\n

\n\n\n

Initiatives de surveillance strat\u00e9gique plus larges dans la r\u00e9glementation des d\u00e9riv\u00e9s de cryptomonnaies de la CFTC<\/h2>\n\n\n

Le 2 juin 2026, la SEC a publi\u00e9 son projet de plan strat\u00e9gique pour 2026\u20132030, comme le confirme Latham & Watkins.<\/p>\n\n\n

Le projet de plan vise la surveillance des risques cybern\u00e9tiques, des d\u00e9faillances syst\u00e8me et des nouvelles vuln\u00e9rabilit\u00e9s uniques au sein des r\u00e9seaux d\u00e9centralis\u00e9s. Cr\u00e9ant une barre de conformit\u00e9 \u00e9lev\u00e9e pour le march\u00e9 des d\u00e9riv\u00e9s de cryptomonnaies, selon Latham & Watkins. Des normes plus strictes pour la conformit\u00e9, la surveillance et la protection des clients s’appliquent d\u00e9sormais aux FCM, aux chambres de compensation et \u00e0 d’autres interm\u00e9diaires de march\u00e9. Selon CFTC vs. SEC : Naviguer dans le chevauchement r\u00e9glementaire dans la crypto…, la modernisation s’acc\u00e9l\u00e8re, la pression monte, et le partenariat r\u00e9glementaire SEC-CFTC devient la norme. La pression se renforce d\u00e9finitivement sous la r\u00e9glementation combin\u00e9e des d\u00e9riv\u00e9s de cryptomonnaies de la CFTC et la surveillance de la SEC.<\/p>\n\n

Le pivot de Kalshi vers les perp\u00e9tuels : Pourquoi les march\u00e9s de pr\u00e9vision deviennent des bourses de d\u00e9riv\u00e9s

L’approbation par la CFTC du BTCPERP de Kalshi le 29 mai 2026 signale un pivot vers des perp\u00e9tuels cryptographiques r\u00e9glement\u00e9s, avec des volumes de 85,3 trillions de dollars en 2025 attirant des teneurs de march\u00e9 sur le sol am\u00e9ricain.https:\/\/t.co\/C3aJh6LNi9<\/a><\/p>\u2014 Crypto Daily\u2122 (@cryptodailyuk) 30 mai 2026<\/a><\/blockquote>\n\n\n\n

Selon US Regulatory ‘Crypto Sprint’ Continues as CFTC Overhauls…, les entreprises lan\u00e7ant maintenant des plateformes d’actifs num\u00e9riques font face \u00e0 un moment d\u00e9cisif alors que les pilotes r\u00e9glementaires, l’engagement des agences et l’innovation sur la cha\u00eene se combinent pour fa\u00e7onner leur avenir, selon Latham & Watkins.<\/p>\n\n\n

Port\u00e9e des produits de d\u00e9riv\u00e9s de cryptomonnaies r\u00e9glement\u00e9s par la CFTC expliqu\u00e9e<\/h3>\n\n\n

La CFTC r\u00e9gule les contrats \u00e0 terme sur mati\u00e8res premi\u00e8res, les options et les swaps li\u00e9s au bitcoin, \u00e0 l’ether et \u00e0 une vari\u00e9t\u00e9 d’autres actifs num\u00e9riques. Les bourses am\u00e9ricaines ont lanc\u00e9 des contrats \u00e0 terme sur bitcoin r\u00e9gl\u00e9s en esp\u00e8ces \u00e0 la fin de 2017.<\/p>\n\n\n

Cependant, chaque nouveau produit cryptographique subit des directives strictes et un examen direct de la CFTC, comme le confirme la CFTC. L’approbation repose sur l’appariement de la liquidit\u00e9 de trading r\u00e9elle avec une gestion des risques vigoureuse, le tout v\u00e9rifi\u00e9 avant le lancement. Il n’y a tout simplement pas de raccourcis ici selon la r\u00e9glementation des d\u00e9riv\u00e9s de cryptomonnaies de la CFTC expliqu\u00e9e dans les derniers audits.<\/p>\n\n\n

\n\n\n\n\n\n\n
Actif Crypto<\/th>\n\u00c9ligibilit\u00e9 de Marge<\/th>\nCharge de Capital<\/th>\nSource de Directive<\/th>\n<\/tr>\n<\/thead>\n
Bitcoin\/Ether<\/td>\nOui (en tant que non-s\u00e9curit\u00e9s)<\/td>\n20 % min.<\/td>\n26-05 \/ 1.17(c)(5)(ii)<\/td>\n<\/tr>\n
Stablecoin de Paiement<\/td>\nOui (en tant que non-s\u00e9curit\u00e9)<\/td>\n2 % min.<\/td>\n26-05<\/td>\n<\/tr>\n
MMF Tokenis\u00e9<\/td>\nOui (fonds s\u00e9lectionn\u00e9s)<\/td>\nn\/a<\/td>\n25-39 \/ 26-05<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/figure>\n\n\n

Selon Morgan Lewis, le paysage de conformit\u00e9 pour les d\u00e9riv\u00e9s de cryptomonnaies aux \u00c9tats-Unis change d\u00e9sormais constamment\u2014pouss\u00e9 par de nouveaux audits, de nouvelles applications et des changements dans les protocoles de garantie num\u00e9rique. Les entreprises n’ont d’autre choix que de suivre l","protected":false},"excerpt":{"rendered":"

R\u00e9glementation des d\u00e9riv\u00e9s crypto par la CFTC expliqu\u00e9e, y compris les r\u00e8gles de garantie de 2026, les d\u00e9tails du programme pilote et les orientations SEC-CFTC. Comprenez le cadre r\u00e9glementaire d\u00e8s maintenant.<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_focuskw":"CFTC crypto derivatives regulation explained","_yoast_wpseo_metadesc":"CFTC crypto derivatives regulation explained, including 2026 collateral rules, pilot program details, and SEC-CFTC guidance. Understand the regulatory framework now.","rank_math_description":"CFTC crypto derivatives regulation explained, including 2026 collateral rules, pilot program details, and SEC-CFTC guidance. 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