The European Securities and Markets Authority (ESMA) has asked the industry for feedback on tokenized collateral. The request was reported on Oct 9, 2026. ESMA wants to know whether clearinghouses can get hold of this collateral and turn it into cash when markets are under stress.
The questions cover three kinds of risk: legal, liquidity and operational. Put simply, ESMA is asking who has a legal claim to tokenized collateral, whether it can be sold fast enough to raise cash, and whether the systems behind it keep working when markets are under pressure.
ESMA has not announced any new rules. It says it will use the feedback to decide whether the EU needs more regulatory measures. The report does not say when that decision will come or what any measures would include.
For someone already holding a perpetual position on Bitget, Bybit, MEXC or OKX, nothing changes directly. The report does not mention these exchanges or crypto derivatives. It concerns clearinghouses and the collateral they accept. Funding rates, trading fees and liquidity are not affected by a request for feedback, and nothing will change unless the EU later adopts new measures.
Source: cointelegraph — ESMA seeks evidence tokenized collateral can be cashed out in crisis