Menu

Search

Menu

Search

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). 

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

April 19 12:30 UTC Released

USHouse Starts MM: Change

Actual

-0.3 %

Forecast

Previous

-8.7 %

April 19 12:30 UTC Released

USHousing Starts Number MM

Actual

1.139 Mln

Forecast

1.23 Mln

Previous

1.162 Mln

January 31 00:00 UTC 638903638903m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 638903638903m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 650723650723m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 638903638903m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 650723650723m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 638903638903m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 638903638903m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 638903638903m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.