February 13: A new analysis report released by the Federal Reserve on Wednesday proposes that cryptocurrencies should be classified as a separate asset class for initial margin requirements in the "uncleared" derivatives market, including over-the-counter transactions and other trades not conducted through a centralized clearinghouse. The report notes that both floating crypto assets such as Bitcoin and Ethereum, as well as pegged crypto assets like stablecoins, exhibit volatility characteristics that differ significantly from traditional asset classes, making them ineligible for the existing risk categories—covering interest rates, equities, foreign exchange, and commodities—within the standardized initial margin model. The authors recommend assigning differentiated risk weights to these two categories of crypto assets respectively, and suggest constructing a benchmark index comprising equal parts floating digital assets and pegged stablecoins to serve as a proxy variable for simulating crypto market volatility and behavior, thereby calibrating more precise risk weights. Initial margin is a core risk control mechanism in derivatives markets, requiring traders to pledge collateral to mitigate counterparty default risk. The high volatility of crypto assets implies that traders must provide a higher proportion of collateral buffers. The report reflects ongoing technical preparations at the U.S. federal level to integrate crypto assets into the existing regulatory framework.