AI subject tested: Claude Opus 4.7 (web search on)
Question (paraphrased): A payment processor issuing a stablecoin backed by reserves held at an OCC-chartered national trust bank asked whether its stablecoin qualifies as a 'payment stablecoin' under the current CFTC digital asset collateral framework — covering both the original December 2025 package and subsequent updates — and whether futures commission merchants can accept it as customer margin collateral.
AI response:
"Staff Letter 25-40 was reissued as Staff Letter 26-05 on February 6, 2026. The substantive change was a revision to the definition of 'payment stablecoin' to add national trust banks as permitted issuers."
Regulator verbatim text:
"Staff Letter 25-40 was 'reissued' as Staff Letter 26-05 with a 'limited revision' expanding the payment stablecoin definition to include stablecoins issued by 'national trust banks.' The OCC Interpretive Letter 1183 provides the hook for national trust bank eligibility."
Failure mode: misstated_rule
Substrate document: p_03_NOTICE_CFTC_Staff_Letter_26_05__February_6__202_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 misstated_rule. 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 payment processor issuing a stablecoin backed by reserves held at an OCC-chartered national trust bank asked whether i — AI Labs." Citation ID: RLB-H-US-CFTC-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-Q005-Opus47. RegLegBrief AI Hallucination Research, published 2026-06-07. https://reglegbrief.com/regulators/j3/US/CFTC/DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025/whitepaper/finding/US-CFTC-US-001-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-v1-005--opus-47-websearch/
RegLeg Specialist Panel. (2026). A payment processor issuing a stablecoin backed by reserves held at an OCC-chartered national trust bank asked whether i [Hallucination finding RLB-H-US-CFTC-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-Q005-Opus47]. RegLegBrief AI Hallucination Research. https://reglegbrief.com/regulators/j3/US/CFTC/DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025/whitepaper/finding/US-CFTC-US-001-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-v1-005--opus-47-websearch/
RegLeg Specialist Panel, A payment processor issuing a stablecoin backed by reserves held at an OCC-chartered national trust bank asked whether i [RLB-H-US-CFTC-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-Q005-Opus47], RegLegBrief AI Hallucination Research (June 07, 2026), https://reglegbrief.com/regulators/j3/US/CFTC/DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025/whitepaper/finding/US-CFTC-US-001-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-v1-005--opus-47-websearch/.
@misc{reglegbrief_RLB_H_US_CFTC_DIGITAL_ASSET_COLLATERAL_TOKENIZED_ASSETS_STAFF_GUIDANCE_2025_Q005_Opus47,
author = {RegLeg Specialist Panel},
title = {A payment processor issuing a stablecoin backed by reserves held at an OCC-chartered national trust bank asked whether i},
year = {2026},
publisher = {RegLegBrief AI Hallucination Research},
note = {Hallucination finding Citation ID: RLB-H-US-CFTC-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-Q005-Opus47},
url = {https://reglegbrief.com/regulators/j3/US/CFTC/DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025/whitepaper/finding/US-CFTC-US-001-DIGITAL-ASSET-COLLATERAL-TOKENIZED-ASSETS-STAFF-GUIDANCE-2025-v1-005--opus-47-websearch/}
}
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.