Key facts
- The CFTC's Division of Clearing and Risk issued no-action relief on November 5, 2026, allowing clearinghouses to use trust companies for daily settlements.
- The relief followed an October 29 request from derivatives clearinghouse Nodal Clear.
- CME Group transferred an average of $8.7 billion per business day through its clearing systems in the first half of 2026, per regulatory filings.
- Coinbase's national trust bank charter took effect on November 6, 2026, allowing federally supervised digital asset custody services.
- The Independent Community Bankers of America sued the OCC in October over its national trust bank charter rules.
Crypto companies are seeking a role in US derivatives settlements after the Commodity Futures Trading Commission's Division of Clearing and Risk issued no-action relief on November 5, 2026, allowing derivatives clearinghouses to use trust companies for daily settlements with clearing members. The function had been restricted to banks under CFTC Regulation 39.14.
The relief followed an October 29 request from derivatives clearinghouse Nodal Clear and requires trust companies to meet the same evaluation and monitoring requirements applied to traditional settlement banks. Nodal Clear partnered with Coinbase in 2025 to integrate USDC into US futures trading, and Coinbase Custody Trust was already expected to provide daily settlement services under the arrangement, Cointelegraph reported.
CME Group transferred an average of $8.7 billion per business day through its clearing systems in the first half of 2026, up from $6.7 billion a day in 2025, according to regulatory filings. The figures represent funds transferred between clearing firms to settle gains and losses, not fees earned by settlement banks.
Other crypto firms have expanded institutional services. BitGo launched its Global Markets division on November 4, combining derivatives trading, financing, collateral management and settlement. Coinbase's national trust bank charter took effect on November 6, allowing Coinbase National Trust Company, a separate entity from Coinbase Custody Trust, to provide federally supervised digital asset custody services. Circle, Ripple, Crypto.com and Stripe-owned Bridge have also secured national trust bank approvals from the Office of the Comptroller of the Currency.