The Commodity Futures Trading Commission (CFTC) granted a no‑action relief on Nov. 5 that authorises derivatives clearinghouses to employ crypto‑focused trust firms for routine settlement tasks, a function previously limited to banks. The relief follows a request from Nodal Clear and aligns trust companies with the same oversight standards applied to traditional settlement banks, according to Cointelegraph.

Size of the Underlying Market

CME Group, a leading derivatives exchange, processed roughly $8.7 billion in daily settlement flows during the first half of 2026, up from $6.7 billion a year earlier. These amounts reflect the transfer of gains and losses between clearing members, underscoring the substantial volume that crypto custodians could now help manage.

Crypto Custodians Positioning for the Opportunity

Coinbase Custody Trust, which partnered with Nodal Clear in 2025 to incorporate USDC into futures contracts, was already slated to provide settlement services. Coinbase’s separate national trust bank charter became effective on Nov. 6, creating Coinbase National Trust Company for federally supervised digital‑asset custody. BitGo launched a Global Markets unit on Nov. 4, bundling derivatives trading, financing, collateral handling and settlement. Other firms—including Circle, Ripple and Stripe‑owned Bridge—have also secured national trust bank approvals from the OCC, expanding their regulated service offerings.

Banking Sector Pushback

Traditional banks have raised objections to the expanding role of crypto trust firms. In October, the Independent Community Bankers of America sued the OCC, contending that the agency’s trust‑bank charter framework could enable crypto companies to perform bank‑like activities without meeting the same regulatory standards. Cody Carbone, chief executive of The Digital Chamber, told Cointelegraph the CFTC relief simply adds options for clearinghouses rather than giving trust companies a shortcut.

Regulatory Outlook and Risks

Because the CFTC’s action is a no‑action letter rather than a formal rule change, it can be rescinded without a public comment period. Analysts note that a shift in CFTC leadership or heightened congressional scrutiny could reverse the relief. The agency’s chair, Michael Selig, remains the sole commissioner as four seats stay vacant, and the newly Democratic‑controlled Congress, set to convene in January, may intensify oversight of the CFTC’s digital‑asset agenda.