AI subject tested: Claude Opus 4.7 (web search on)
Question (paraphrased): A futures commission merchant began accepting bitcoin, ether, and USDC as customer margin collateral under the CFTC's digital asset framework in January 2026. The initial three-month onboarding phase ends in April 2026. Identify which obligations — including ongoing digital asset reporting — cease at the end of that phase and which continue beyond it.
AI response:
"WEEKLY reporting of total digital assets held in customer accounts by asset type for each of the three customer account classes (futures, foreign futures, cleared swaps) — this cadence is the onboarding-specific reporting under Letter 25-40 and terminates at the end of the initial three-month phase per the letter."
Regulator verbatim text:
"After the initial 3-month phase, 'asset type restrictions and incident-reporting conditions will no longer apply.' However, weekly digital asset reporting continues after the initial phase ends. (Morgan Lewis FAQ analysis paraphrasing Letter 25-40/26-05 conditions.)"
Failure mode: inference_drift
Substrate document: p_02_GUIDELINE_CFTC_Staff_Letters_25_40___26_05___post_download.pdf
This finding documents a confirmed hallucination by Claude Opus 4.7 (web search on) on a probe of the regulation. The model's response was tested against the regulator's verbatim primary text and classified as inference_drift. Full per-finding context is available via the linked Citation ID.
Each finding has a stable Citation ID (RLB-F-… for aggregated case-study findings, RLB-H-… for raw per-model hallucinations) — like a DOI, the ID always resolves to the canonical finding even if URLs change.
RegLeg Specialist Panel (2026). "A futures commission merchant began accepting bitcoin, ether, and USDC as customer margin collateral under the CFTC's di — Hedge Funds × Risk — United States." Citation ID: RLB-H-US-CFTC-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-Q006-Opus47. RegLegBrief AI Hallucination Research, published 2026-06-11. https://reglegbrief.com/regulators/j3/us/CFTC/DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025/sectors/hedge_funds/risk/finding/US-CFTC-US-001-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-v1-006/
RegLeg Specialist Panel. (2026). A futures commission merchant began accepting bitcoin, ether, and USDC as customer margin collateral under the CFTC's di [Hallucination finding RLB-H-US-CFTC-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-Q006-Opus47]. RegLegBrief AI Hallucination Research. https://reglegbrief.com/regulators/j3/us/CFTC/DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025/sectors/hedge_funds/risk/finding/US-CFTC-US-001-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-v1-006/
RegLeg Specialist Panel, A futures commission merchant began accepting bitcoin, ether, and USDC as customer margin collateral under the CFTC's di [RLB-H-US-CFTC-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-Q006-Opus47], RegLegBrief AI Hallucination Research (June 11, 2026), https://reglegbrief.com/regulators/j3/us/CFTC/DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025/sectors/hedge_funds/risk/finding/US-CFTC-US-001-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-v1-006/.
@misc{reglegbrief_RLB_H_US_CFTC_DIGITAL_ASSET_COLLATERAL_TOKENIZED_ASSETS_STAFF_GUIDANCE_2025_Q006_Opus47,
author = {RegLeg Specialist Panel},
title = {A futures commission merchant began accepting bitcoin, ether, and USDC as customer margin collateral under the CFTC's di},
year = {2026},
publisher = {RegLegBrief AI Hallucination Research},
note = {Hallucination finding Citation ID: RLB-H-US-CFTC-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-Q006-Opus47},
url = {https://reglegbrief.com/regulators/j3/us/CFTC/DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025/sectors/hedge_funds/risk/finding/US-CFTC-US-001-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-v1-006/}
}
Every finding on this page compares an AI subject's account of the rule against the regulator's verbatim text from the regulator's own portal. Both are linked. Each delta, its root causes, and impact analysis are documented and published with immutable Citation IDs.