Can crypto trust firms compete with banks in US derivatives settlements?

What happened: Crypto custodians are seeking a role in US derivatives settlements after the CFTC issued no-action relief on Nov. 5 allowing clearinghouses to use trust companies for daily settlements with clearing members. Key numbers: CME Group transferred an average of $8.7 billion per business day in the first half of 2026, up from $6.7 Why it matters: The relief could open new business for regulated crypto custodians, but it is revocable and not a formal rule change. Traditional banking groups are contesting the framework, and a change in CFTC leadership could withdraw the letter.

Crypto custodians are seeking a role in US derivatives settlements after the CFTC issued no-action relief on Nov. 5 allowing clearinghouses to use trust companies for daily settlements with clearing members.

The relief could open new business for regulated crypto custodians, but it is revocable and not a formal rule change. Traditional banking groups are contesting the framework, and a change in CFTC leadership could withdraw the letter.