The U.S. Commodity Futures Trading Commission has formally signaled it will not bring enforcement actions against derivatives clearing organizations that use federally chartered trust companies to handle daily settlements with clearing members. The guidance, Staff Letter 26-30, was issued by the CFTC’s Division of Clearing and Risk and signed by Acting Director Richard Haynes.
The no-action letter responds to an October 29 request from Nodal Clear, the registered clearinghouse for Nodal Exchange and Coinbase Derivatives. Nodal Clear argued that trust companies already may hold customer funds under the Commodity Exchange Act and CFTC rules, and that clearinghouses should be allowed to use them for settlement as well. The CFTC clarified that clearinghouses can treat trust companies as settlement banks for compliance with Regulations 39.14(c) and 39.14(d), provided they meet the conditions in the letter.
The move is a boost for crypto firms with federal trust charters, which the Office of the Comptroller of the Currency began issuing conditionally in December 2025. Senator Elizabeth Warren wrote in a May 18 letter that the OCC had cleared at least nine crypto trust charters since then. Trust companies can custody assets and settle payments, but they do not carry FDIC insurance and cannot take deposits or make loans.
Traditional banks are challenging the broader trust charter trend in federal court. In early October 2026, the Independent Community Bankers of America sued the OCC and Comptroller Jonathan Gould in the U.S. District Court for the District of Columbia, arguing the agency exceeded its statutory authority. The ICBA wants the court to strike an OCC rule and a 2021 interpretive letter and to rescind the charter granted to crypto firm Protego Holdings. ICBA President and CEO Rebeca Romero Rainey said the approach creates a gaping hole in financial regulation. Gould has previously defended the charters, saying the OCC does not have a zero risk tolerance anymore.
For crypto market participants, the CFTC’s position removes a significant clearing and settlement uncertainty and could encourage wider institutional use of trust companies in derivatives markets. Effective dates and further compliance details are expected in future communications.
