Intercontinental Exchange Inc., ICE hit a brick wall with its Bakkt project, which should become a platform for trading Bitcoin futures.
The company planned to launch the Bakkt platform in November 2018, but the Commodity Futures Trading Commission (CFTC) is in no hurry to give the project the green light.
Initially, the company planned to store Bitcoin customers to ensure physical delivery. But according to the CFTC, in this case, the ICE will have to disclose its business plan and go through a public comment period, which will delay the approval process, reports Wall Street Journal, citing people familiar with this issue.
An ICE spokesperson said the company is working through an approval process, but declined to provide any additional details.
Physical delivery means that traders will have to accept BTC or deliver them to the Bakkt digital store at the end of each trading day in accordance with the specifications of future contracts.
Within this framework, Bakkt will be responsible for clients' assets, which raises regulatory issues.
John Collins, FS Vector partner, commented on it this way:
There is much skepticism among some regulators. After all, crypto-winter still lasts now.
Thus, the CFTC is addressing potential problems that may arise in connection with the use of cryptocurrencies as collateral.
And what do you think about this? Will the launch of Bakkt be postponed again?
