US derivatives clearinghouses have been given room to use trust companies, not only banks, for daily settlements with clearing members under no-action relief issued by the Commodity Futures Trading Commission on Nov. 5. The step opens a channel for regulated crypto custodians to move deeper into core financial market plumbing, provided they satisfy the same evaluation and monitoring standards applied to banks.

The change touches a large operational market. CME Group said its clearing systems moved an average of about $8.7 billion per business day in the first half of 2026, up from $6.7 billion in 2025. Even so, the relief is not a permanent rule change, and its future may depend on both CFTC leadership and a shifting political environment in Washington.

A narrow regulatory opening

The CFTC action addresses a mismatch between federal commodities law and the agency’s own rules. While customer funds may be held by either banks or trust companies under the statute, CFTC rules had defined settlement banks only as banks, limiting who could handle daily settlement flows for clearinghouses.

Under the new no-action position, derivatives clearinghouses may use trust companies for those daily settlements as long as they are subject to the same oversight process that would apply to banks. That does not remove banks from the system, but it gives clearinghouses another category of regulated institution to consider.

Why crypto custodians are paying attention

For crypto firms that already operate through trust charters, the relief creates a path into a business area long dominated by traditional banks. Nodal Clear’s 2025 partnership with Coinbase to integrate USDC into US futures trading is one example already linked to this shift, with Coinbase Custody Trust expected to provide daily settlement services under that arrangement.

The broader industry has also been building toward more federally regulated financial services. The source article notes that firms including Circle, Ripple, Crypto.com and Stripe’s Bridge have obtained national trust bank approvals, while companies such as BitGo have expanded their institutional offerings. Together, those moves point to a wider effort by crypto companies to compete in functions closer to conventional banking infrastructure.

Banks are not yielding the field

The opening for trust companies comes as banking groups challenge how far crypto firms should be allowed to move into banklike roles. The Independent Community Bankers of America, for example, has argued that Office of the Comptroller of the Currency charter rules could let crypto firms engage in activities similar to banks without facing the full set of compliance obligations banks bear.

At the same time, the no-action relief does not hand trust companies a guaranteed edge. According to industry views cited in the report, banks and trust charter holders already compete for related services, and the CFTC move mainly expands the menu of eligible settlement providers rather than displacing incumbent banks.

Durability remains the central question

The practical significance of the CFTC step is tempered by its legal form. No-action relief is not the same as formal rulemaking, and it can be withdrawn. That means the opening for trust-based settlement arrangements remains conditional, even if clearinghouses begin using it.

The longer-term outcome may depend on Washington politics as much as market demand. With Democrats taking control of both chambers of Congress after the midterms, the new Congress is expected to scrutinize the CFTC’s regulatory agenda. Any effort to make this position more durable would likely require either supportive agency leadership or formal amendments that survive that oversight.

Source: cointelegraph.com