CFTC: We’re ‘Diligently’ Working on All Crypto-Related Applications, Including Bakkt’s


0

United States regulator the Commodity Futures Trading Commission (CFTC) is actively working to approve multiple crypto-related applications, including for Bitcoin (BTC) futures from institutional trading platform Bakkt. A CFTC commissioner revealed the news in remarks to cryptocurrency news network Blocktv in an interview on March 19.

Answering a question about the status of Bakkt’s application, which has seen multiple delays, commissioner Dan Berkovitz avoided a direct update on the project, instead saying that the CFTC was trying to assist all cryptocurrency-related products in obtaining the necessary approval for launch in the U.S.

“We have a very interactive process with all the entities that come before us and [are] working diligently with all the applicants to process their applications and get their products on the market,” he said, adding:

“But we need to ensure that a crypto product, just like any other product that’s traded on our markets, meets all the standards.”

Asked whether Bakkt was now receiving special treatment from the CFTC, however, Berkovitz declined to suggest previous hold-ups had resulted in pressure to move forward. “All of the applications before us we’re working very hard on with the applicants, including that one,” he added.

As reported today, the Wall Street Journal wrote that Bakkt was facing more difficulties in its road to getting the green light from regulators. Following a lack of consensus over how the platform would handle its Bitcoin futures, discussions nonetheless do remain ongoing.

“We are working through the regulatory review process and are looking forward to updating the market soon,” the publication quoted an unnamed ICE spokesperson as saying.

Bakkt, the brainchild of New York Stock Exchange owner Intercontinental Exchange (ICE), was originally slated to debut in December, but regulatory compliance hurdles saw the date pushed back several times.

At present, a vague juncture sometime in 2019 is in the cards, as regulators seem highly wary of approving related offerings, specifically a Bitcoin exchange-traded fund (ETF).


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
COINTELEGRAPH

Choose A Format
Story
Formatted Text with Embeds and Visuals
Video
Youtube, Vimeo or Vine Embeds
List
The Classic Internet Listicles
Open List
Submit your own item and vote up for the best submission
Countdown
The Classic Internet Countdowns
Poll
Voting to make decisions or determine opinions
Ranked List
Upvote or downvote to decide the best list item
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Meme
Upload your own images to make custom memes
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format