According to @iampaulgrewal, the CFTC issued no-action relief that unlocks the use of digital assets as collateral in derivatives markets and addresses constraints previously tied to Staff Advisory 20-34. Source: Paul Grewal (@iampaulgrewal) on X, Dec 8, 2025. He added that Staff Advisory 20-34 relied on outdated information, exceeded regulatory bounds, and frustrated the goals of the PWG, signaling a shift that directly affects collateral practices in crypto-linked derivatives venues. Source: Paul Grewal (@iampaulgrewal) on X, Dec 8, 2025.