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Regulatory Series on Cryptocurrencies: What causes Bakkt’s deferment?
Bakkt is intending to equip with a wide range of crypto-related services this year. The Intercontinental Exchange (ICE) owned firm is striving smartly to unveil the physically-backed Bitcoin futures that were deferred for the approval from the US Commodity Futures Trading Commission.
Hence, crypto radicals should now be holding their nervous until the launch of Bakkt’s Bitcoin ETF for final approval from the SEC. While the commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” the SEC explained.
Bakkt was first announced in early August as a bitcoin trading and custody platform, but its launch has been repeatedly delayed. Until the review period has ended and CFTC Commissioners have voted to approve Bakkt’s exemption, the exchange cannot afford to unveil its one-day physically-settled futures contract.
The most vehemently predicted bitcoin futures market is still awaiting regulatory approval. ICE, which is the parent of the NYSE, originally intended to unveil Bakkt back in mid-December. Then it was deferred to late January. Later on, the launch was again deferred indefinitely.
While the CFTC is yet to publicise Bakkt’s proposed exemption by Q1’2019 which means even if the proposal is visible, there is no guarantee that the launch is likely until mid-April as the commissioners have to give the public in 1-month to factor-in and then allowing few more days to contemplate the comments before their choice of whether to approve the proposals. Of late, the proposal, that enables Bakkt for custodian services of the bitcoin trading.
Then, why the delay? The US government shutdown, that began on late-December and causes backlogs at the CFTC and other US agencies. Amid this riddle of regulatory barriers, the agency would have prioritized other concerns that don’t pertain to cryptos, beside umpteen number of enforcement actions were announced since the shutdown. However, Bakkt’s intentional business model is likely also a factor in drawing out the process. Courtesy: Coindesk
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 115 levels (which is highly bullish), while hourly USD spot index was at -137 (highly bearish) while articulating (at 11:18 GMT).
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