CFTC Lets LedgerX Settle Futures in Actual Bitcoin

2019-6-26 11:45

Coinspeaker
CFTC Lets LedgerX Settle Futures in Actual Bitcoin

The small US retail investors can soon buy derivatives that pay out using Bitcoins. This comes after the Commodity Futures Trading Commission (CFTC) cleared BTC derivatives provider LedgerX to provide physically settled Bitcoin futures contracts. On June 25, the CFTC said that it had approved LedgerX’s application for a designated contract market (DCM) license.

That means that the company can now float new futures contracts into the market. LedgerX becomes the second company to offer these physically settled Bitcoin futures. Other firms that plan to enter this market include Seed CX, ErisX, and Intercontinental Exchange’s Bakkt. Although Bakkt’s own futures contracts are self-certified, the firm awaits licensing from the New York Department of Financial Services.

This venture will let the consumers living in the US or in Singapore to sign up to start trading treading in July. Originally, the investors will have to deposit over $10,000 in dollars or Bitcoins. However, Chief Executive Officer Paul Chou said that the minimum deposit will go down to zero within a year.

Unlike the cash-settled Bitcoin futures, in the physically settled futures, buyers get the underlying commodities when a contract expires. They are not compensated with a fiat equivalent. LedgerX’s approval means that the company can list the Bitcoin futures contracts and also offer its products to retail clients. The company has not offered a definite timeline of when it will start operations.

However, Juthica Chou, the chief operating and risk officer said:

“There’s no doubt that we’re looking to be first, we aim to be the incumbent. We think we’re better positioned and we want to be there to serve customers of all sizes. Ultimately the products are not that economically different than what we’re already offering … but this would open up to a wider [market].”

LedgerX applied for this DCM in November 2018 and since then it has worked closely with the CFTC. Currently, it offers swaps and options contracts for its clients. The DCM application comes on top of the company’s existing Derivatives Clearing Organization (DCO) and Swap Execution Facility (SEF) licenses.

This new license has similar responsibilities that the other two licenses have. Chou said that securing the latest license was a difficult process due to various issues involved. LedgerX is now targeting a gradual rollout of its new products that feature its retail-focused Omni platform.

Chou further explained saying:

“We want to be careful and conservative so we will soft-launch the Omni product. We’ll take customer feedback and we’ll make sure it works. We have an extensive waitlist and we’ll work through that until we feel comfortable.”

LedgerX will roll out its existing swaps and options product to every customer. Additionally, it will introduce a new block height option product that the company self-certified recently.

CFTC Lets LedgerX Settle Futures in Actual Bitcoin

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Filecoin [Futures] (FIL) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $5.1636
Капитализация $0 Rank 99999
Цена в час новости $ 6.5008 (-100%)

futures cftc ledgerx bitcoin actual lets settle

futures cftc → Результатов: 126


The CFTC is looking for public feedback on different questions about Ethereum (ETH)

The U.S. Commodity Futures Trading Commission (CFTC) wants to learn more about Ethereum (ETH), its technology, and the markets that have built up around it. In a “Request for Input” (RFI) published on December 11, the regulator explains that it is looking for public feedback on different questions about Ethereum, ranging from its technology to […]

2018-12-12 09:39


CFTC Seeks Public Feedback Via “Request for Input” on Ethereum (ETH)

The U.S. Commodity Futures Trading Commission (CFTC) is one of the authorities that governs certain aspects of the cryptocurrency world. However, to accurately create regulations and definitions for the market, they need to have a greater understanding of the components in it, which is exactly what the CFTC has decided to do with Ethereum. Based […]

2018-12-12 05:28


Фото:

NASDAQ Wants to Launch Bitcoin Futures in Q1 2019 Despite Price Drop

NASDAQ has renewed its vow to offer Bitcoin futures and plans to launch in Q1 2019 despite the price drop, anonymous sources have said. NASDAQ ‘Working To Satisfy’ CFTC Demands Speaking to Bloomberg November 27, “two people familiar with the matter” revealed that despite the plunge in the Bitcoin price , the US stock exchange was in the process of gaining regulatory approval for a futures product.

2018-11-27 16:00


Фото:

Bakkt Delays Platform Launch; Announces January as Tentative Roll Out Date

Bakkt, an upcoming crypto retail payment system and futures platform, is delaying its launch to better ensure the platform’s success at release. On November 20, 2018, the CEO of Bakkt released an update on Medium, outlining the future business plans for the company, describing some of the progress in implementing new features and declaring that the company’s initial launch is being postponed until January 24, 2019.

2018-11-21 02:24


Фото:

CFTC Says Bitcoin Trader Who Lost $1.1M Will Serve 15 Months in Jail

The Commodity Futures Trading Commission (CFTC) revealed that a former employee of Consolidated Trading will serve 15 months in jail and pay $1. 1 million for Bitcoin fraud. Employer Tipped Off Authorities According to sources including US regulator the Commodity Futures Trading Commission (CFTC) and a social media commentator citing “people close” to the matter, Joseph Kim lost CT over $600,000 through stealing money to finance cryptocurrency trades gone wrong.

2018-11-12 14:00


Фото:

Former CFTC Enforcement Lawyer Joins Perkins Coie Global Law Firm

Perkins Coie, the Washington-based international law firm that represents highly reputed organizations across a vast range of industries, has hired Kari Larsen, a former enforcement lawyer at the U. S Commodity Futures Trading Commission (CFTC), to its Blockchain Technology & Digital Currency industry group and Investment Management practice, according to a press release  by the firm on November 6, 2018.

2018-11-9 18:00


Фото:

SEC Sets Up Open Line of Communication for Fintech Projects With FinHub

The U. S. Securities and Exchange Commission (SEC) has launched a new office to engage with cryptocurrency and blockchain startups. Called the Strategic Hub for Innovation and Financial Technology (FinHub), the division will make it easier for fintech startups to interact with the regulator on related issues and the legal implications of products before they launch them.

2018-10-19 01:51


Фото:

Former CFTC Chair Advocates ‘Technology Neutral’ Cryptocurrency Regulations

The former chairman of the United States Commodity Futures Trading Commission (CFTC), Gary Gensler, recently expressed his views on the regulation of cryptocurrency markets. Gensler emphasized his belief in the need for robust consumer protections, and also argued that the majority of initial coin offerings essentially comprise initial public offerings (IPOs).

2018-10-18 09:30


CFTC Chair Explains Why US Has Regulated Bitcoin Futures but Not Bitcoin ETFs

The chairman of the U. S. Commodity Futures Trading Commission (CFTC) has explained why bitcoin futures have been approved in the U. S. but bitcoin ETFs have not. He also shared his thoughts on the future of cryptocurrencies and how they can potentially solve currency-related problems in as much as two-thirds of the world’s countries.

2018-10-3 18:50


Фото:

CFTC Chairman Believes Bitcoin Is ‘Here To Stay’

Although crypto regulation has been discussed widely for years now, it is still of the biggest issues in the industry to date and has multiple unsolved problems. There isn’t a final decision on how these types of assets should be managed and controlled due to members of such influential governmental bodies such as the SEC (Securities and Exchange Commission) and the CFTC (Commodities Futures Trading Commission) haven’t been able to reach a single opinion on the matter.

2018-10-3 17:30