Federal Register Roundup: CFTC Swaps Rule, USPS Ballot Mail Privacy System, Bitcoin ETF Options Limits, and More

CFTC Finalizes Margin Rule Amendments for Uncleared Swaps

The Commodity Futures Trading Commission has issued a final rule amending the margin requirements for uncleared swaps applicable to swap dealers and major swap participants that are not subject to the margin rules of a prudential regulator, with an effective date of August 17, 2026. The rule amends 17 CFR part 23 and makes three distinct changes.

The first change, the Seeded Funds Amendment, revises the definition of "margin affiliate" so that certain collective investment vehicles receiving start-up capital from a sponsor entity — called "seeded funds" — would be deemed not to have any margin affiliates, or to constitute margin affiliates of another entity, for purposes of calculating thresholds that trigger the requirement to exchange initial margin. The rule states this relieves swap dealers and major swap participants from the requirement to post and collect initial margin with certain eligible seeded funds for a period of up to three years from the date on which the eligible seeded fund's asset manager begins making investments on behalf of the fund, referred to as the "trading inception date."

The second change, the Eligible Collateral Amendment, eliminates a provision that had disqualified securities issued by certain pooled investment funds — money market and similar funds — whose asset managers transfer fund assets through securities lending, securities borrowing, repurchase agreements, reverse repurchase agreements, and similar arrangements from being used as eligible initial margin collateral for uncleared swaps, thereby expanding the scope of assets that qualify as eligible collateral. The third change, the Haircut Schedule Amendment, amends the haircut schedule for eligible margin collateral to address the haircuts applicable to money market and similar funds.

The Commission's statutory authority derives from Section 4s(e) of the Commodity Exchange Act, which requires it to adopt rules establishing minimum initial and variation margin requirements for uncleared swaps entered into by covered swap entities. The CFTC Margin Rule was originally promulgated in 2016 and codified in Commission Regulations 23.150 through 23.161.

USPS Proposes New Privacy Act System of Records Tied to Ballot Mail Rulemaking

The United States Postal Service is proposing to create a new Privacy Act System of Records — designated USPS 820.225 Federal Ballot Mail — in conjunction with its proposed rule to amend the Domestic Mail Manual regarding the transmission of mail-in or absentee ballots for federal elections, published at 91 FR 32,915 (June 2, 2026). The notice states that the creation of the new system of records would be necessary if the Postal Service issues a final rule similar to that proposal.

The Postal Service explains that the new system would maintain a list of individuals, each individual's address, the unique Intelligent Mail barcodes printed on each individual's outbound and return ballot envelopes for a federal election, and the state or political subdivision thereof that issued such ballot, for inclusion on a state's Mail-in and Absentee Participation List. According to the notice, this information would be provided to the Postal Service by the chief election official of each state, or any individual or entity authorized by the chief election official to provide such information.

The notice traces the rulemaking to Executive Order 14399, issued on March 31, 2026, titled "Ensuring Citizenship Verification and Integrity in Federal Elections." The Postal Service states that its proposed DMM amendments, if finalized, would apply uniform standards for the mailing of absentee ballots, which it understands will facilitate the faithful execution of federal law. The notice acknowledges that the DMM proposal is the subject of active litigation, including two injunctions that are currently being appealed, and states that the Postal Service will not publish a final rule unless and until the government obtains relief from all relevant injunctions.

The system of records will become effective — if at all — on the latest of: 30 days from the publication date of the notice if no comments are received; the publication date of the Postal Service's responses to any comments received; or the effective date of any final rule connected to the underlying rulemaking. If no final DMM rule is issued, the system of records will not take effect. A report of the proposed new system has been sent to Congress and to the Office of Management and Budget for their evaluation.

NOAA Seeks Comment on Removal of North Pacific Fishery Economic Data Reporting Requirements

The National Oceanic and Atmospheric Administration is soliciting public comment on Amendment 129 to the Fishery Management Plan for Groundfish of the Bering Sea and Aleutian Islands Management Area and Amendment 58 to the Fishery Management Plan for Bering Sea/Aleutian Islands King and Tanner Crabs, both submitted by the North Pacific Fishery Management Council. Comments are due no later than September 15, 2026. The amendments would remove requirements for fishery participants to submit Economic Data Reports each year, with the stated aims of reducing cost recovery fees and eliminating redundant reporting requirements. The action affects 50 CFR parts 679 and 680.

The notice explains that Amendment 129 would remove the EDR requirement for participants in the Amendment 80 Program, a limited access privilege program that allocates specific non-pollock groundfish species and apportions prohibited species catch limits among trawl fishery sectors. Amendment 58 would remove EDR requirements for participants in the Bering Sea and Aleutian Islands Crab Rationalization Program, a limited access privilege program that allocates the total allowable catch of nine BSAI crab species among harvesters and processors.

The Council's stated rationale, as described in the notice, includes the inconsistent application of EDRs across limited access privilege programs — noting that currently only three of the eight such programs in the North Pacific collect EDR data — the limited utility of EDRs to fishery management, and the high cost and reporting burden to fishery participants and the Federal government. The notice further states that the EDR data does not inform decisions to open or close fisheries and is therefore not used in the active management of any fishery for which it is collected. NMFS states it intends to publish a proposed rule implementing the amendments following its evaluation under the Magnuson-Stevens Act.

NYSE American Proposes to Raise IBIT Options Position Limits to 1,000,000 Contracts

NYSE American LLC filed a proposed rule change with the Securities and Exchange Commission on July 6, 2026, to amend Rule 904 and Rule 905 to increase the position limit and exercise limit for options on the iShares Bitcoin Trust ETF to 1,000,000 contracts. The filing was noticed for immediate effectiveness. The notice states that because Rule 905 (Exercise Limits) references the position limits of Rule 904, the exercise limits of Rule 905 are not being separately amended.

The notice describes IBIT as an exchange-traded fund that holds Bitcoin and is listed on The Nasdaq Stock Market LLC. NYSE American states that it became authorized to trade and list options on IBIT on November 25, 2024, and that options on IBIT are listed pursuant to Rule 915. The Exchange states that its filing is based on substantially identical proposals by Nasdaq ISE, LLC, which was approved, and Nasdaq PHLX Exchange and BOX Exchange LLC, which had been noticed for immediate effectiveness.

NASA Aerospace Safety Advisory Panel to Hold Third Quarterly Meeting

The National Aeronautics and Space Administration has announced a telephonic meeting of the Aerospace Safety Advisory Panel on Monday, August 31, 2026, from 2:00 p.m. to 3:30 p.m. eastern time. The agenda includes updates on the Commercial Crew Program, Commercial LEO Development Programs, Artemis Programs, and Health and Human Exploration. The notice states that the Panel reviews, identifies, evaluates, and advises on program activities, systems, procedures, and management activities that can contribute to program risk, with priority given to programs involving the safety of human flight.

What to Watch

• August 17, 2026 — CFTC final rule on uncleared swaps margin requirements takes effect.
• August 31, 2026 — NASA ASAP Third Quarterly Meeting (telephonic); members of the public wishing to make verbal presentations must contact ASAP Administrative Officer Ms. Marcia Guignard at least 48 hours in advance.
• September 15, 2026 — Deadline for public comments on NOAA Amendments 129 and 58 to the North Pacific fishery management plans.
• Ongoing — The USPS Federal Ballot Mail system of records remains contingent on resolution of active litigation over the underlying DMM proposed rule and the issuance of a final rule.

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