ChainCatcher 消息，据 Cointelegraph 报道，美联储周三发布的新分析报告提出，应将加密货币归类为一种独立的资产类别，用于“未结算”衍生品市场（包括场外交易和其他不通过集中清算所进行的交易）的初始保证金要求。
报告指出，比特币、以太坊等浮动加密资产及稳定币等锚定型加密资产，其波动性与传统资产类别存在显著差异，无法适用标准化初始保证金模型中针对利率、股票、外汇及大宗商品的既有风险分类。作者建议为这两类加密资产分别设定差异化的风险权重，并可通过构建由浮动数字资产和锚定稳定币各占一半的基准指数，作为模拟加密市场波动与行为的代理变量，以校准更精确的风险权重。
初始保证金是衍生品市场的核心风控机制，交易者需质押抵押品以防范对手方违约风险。加密资产的高波动性意味着交易者需提供更高比例的抵押缓冲。该报告反映出美国联邦层面正在为加密资产纳入既有监管框架进行技术准备。
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