The US Commodity Futures Trading Commission’s clearing and risk division issued no-action relief on November 5, 2026, allowing derivatives clearinghouses to use trust companies for daily settlements if they meet the evaluation and monitoring requirements applied to settlement banks. The relief means staff will not recommend enforcement action; it does not change the rule that defines settlement banks as banks and can be withdrawn.
The decision could open settlement work to regulated crypto custodians, but it does not guarantee them business. CME Group reported transferring an average of $8.7 billion per business day through its clearing systems in the first half of 2026; that figure is settlement flows, not fees earned by banks. A banking group has sued over separate national trust bank charter rules, arguing they could let crypto firms conduct some banklike activities without meeting all conventional bank requirements.
