---
type: "AIHallucinationFinding"
title: "A futures commission merchant needs to distinguish two '20 percent' requirements in the CFTC's…"
citation_id: "RLB-H-US-CFTC-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-Q007-Sonnet46"
finding_uid: "US-CFTC-US-001-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-v1-007--sonnet-46-websearch"
question_uid: "US-CFTC-US-001-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-v1-007"
regulation_id: "US-CFTC-US-001-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025"
regulation_slug: "DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025"
regulation_title: "CFTC Digital Asset Collateral No-Action Relief and Tokenized Asset Staff Guidance (Market Participants Division, December 2025)"
regulator_short_code: "CFTC"
regulatory_body_id: "CFTC-US-001"
jurisdiction_code: "US"
j_level: "J3"
ai_subject: "claude-sonnet-4-6"
ai_subject_display: "Claude Sonnet 4.6 (web search on)"
ai_subject_version: "sonnet-46-websearch"
response_failure_mode: "misstated_rule"
substrate_document_name: "p_02_GUIDELINE_CFTC_Staff_Letter_25_40___26_05___two_di_download.pdf"
substrate_document_path: "https://reglegbrief.com/substrate/US/CFTC/DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025/_raw_manual_substrate/p_02_GUIDELINE_CFTC_Staff_Letter_25_40___26_05___two_di_download.pdf"
substrate_section_anchor: "CFTC Staff Letter 25-40 / 26-05 — two distinct '20%' thresholds: customer margin haircut vs. FCM proprietary capital charge"
citation_issue_types: ["Contradictory", "Pretextual"]
audiences: ["ai_labs"]
published_at: "2026-06-03T19:51:38.853394+00:00"
substrate_version: 1
methodology_version: "2.3"
license: "CC-BY-4.0"
resource: "https://reglegbrief.com/regulators/j3/us/cftc/DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025/ai-labs/finding/US-CFTC-US-001-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-v1-007--sonnet-46-websearch/"
tags: ["ai-hallucination", "misstated_rule", "cftc", "digital-asset-collateral-tokenized-assets-staff-guidance-2025", "us"]
timestamp: "2026-06-16T00:00:00+00:00"
---

# AI Hallucination Finding: A futures commission merchant needs to distinguish two '20 percent' requirements in the CFTC's…

- **Citation ID.** `RLB-H-US-CFTC-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-Q007-Sonnet46`
- **Finding UID.** `US-CFTC-US-001-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-v1-007--sonnet-46-websearch`
- **Regulation.** [`DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025`](/okf/regulations/DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025.md) — CFTC Digital Asset Collateral No-Action Relief and Tokenized Asset Staff Guidance (Market Participants Division, December 2025)
- **Regulator.** [`CFTC-US-001`](/okf/bodies/CFTC-US-001.md) — Commodity Futures Trading Commission
- **AI subject.** Claude Sonnet 4.6 (web search on)
- **Failure mode.** [`misstated_rule`](/okf/taxonomy/failure-modes.md)
- **Published.** 2026-06-03T19:51:38.853394+00:00

## Question put to the AI subject

A futures commission merchant needs to distinguish two '20 percent' requirements in the CFTC's December 2025 digital asset framework — one applied to customer-posted collateral and one to the firm's proprietary holdings. For the customer margin haircut requirement, what specific rule governs the haircut calculation when multiple registered clearing organizations each accept the same digital asset but at different haircut rates?

## AI subject's verbatim answer

For digital assets not accepted by any registered DCO as initial margin, the FCM must apply a minimum 20% haircut to the current market value of that customer-deposited collateral

## Verbatim regulator text contradicting the answer

> Where multiple DCOs accept the same asset at different haircuts, the FCM must apply the HIGHEST such haircut.

_Source:_ [p_02_GUIDELINE_CFTC_Staff_Letter_25_40___26_05___two_di_download.pdf](https://reglegbrief.com/substrate/US/CFTC/DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025/_raw_manual_substrate/p_02_GUIDELINE_CFTC_Staff_Letter_25_40___26_05___two_di_download.pdf)
_Section anchor:_ CFTC Staff Letter 25-40 / 26-05 — two distinct '20%' thresholds: customer margin haircut vs. FCM proprietary capital charge

## Failure mode

**`misstated_rule`** — Misstated rule — the AI gave a definite rule, threshold, or obligation that the regulator's verbatim text does not support.

## Citation-issue types

- **Contradictory** — <https://www.cftc.gov/csl/26-05/download>
- **Contradictory** — <https://www.cftc.gov/media/13521/Registrant&RegisteredEntity_FAQs032026/download>
- **Pretextual** — <https://financefeeds.com/cftc-issues-faq-on-crypto-collateral-sets-20-charge-for-bitcoin-and-ether/>
- **Pretextual** — <https://www.theblock.co/post/394573/cftc-staff-details-how-crypto-firms-can-use-digital-assets-as-derivatives-collateral-in-new-faq>
- **Contradictory** — <https://www.morganlewis.com/pubs/2026/03/crypto-clarity-cftc-faqs-clarify-use-of-crypto-assets-by-registrants-and-registered-entities-part-2>

## Related concepts

- Regulation: [DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025](/okf/regulations/DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025.md)
- Regulator: [CFTC-US-001](/okf/bodies/CFTC-US-001.md)
- Failure-mode taxonomy: [misstated_rule](/okf/taxonomy/failure-modes.md)
- Methodology: [v2.3](/okf/methodology.md)
- Editorial standards: [right of reply](/okf/editorial-standards.md)

## Reproduction

Citation ID: `RLB-H-US-CFTC-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-Q007-Sonnet46`

Resource URL (HTML view of this finding):

<https://reglegbrief.com/regulators/j3/us/cftc/DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025/ai-labs/finding/US-CFTC-US-001-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-v1-007--sonnet-46-websearch/>

This finding is reproducible against the substrate document linked above, using the same AI subject, the same methodology version, and the verbatim question text.