The creators of the Bakkt platform, the first regulated futures contract for Bitcoin (BTC) in the United States, payments for which will be carried out in cryptocurrency, expect to receive approval from the authorities in the very near future, writes Wall Street Journal.
Offer of New York Stock Exchange owner Intercontinental Exchange Inc. (ICE) is focused on institutional players who used to prefer to stay away from the cryptocurrency market due to its unregulated nature.
“As soon as digital assets have more reliable regulation and they will generate more trust, people will be more willing to use them for settlement, ” said Bakkt CEO Kelly Löffler.
There are already futures, calculations for which are conducted in Fiat, but there is a need for physical delivery. ”
ICE has been working with regulators in the US Commodity Futures Trading Commission (CFTC) for the past few months to bring its proposal in line with their requirements. They also had to address a number of issues related to cybersecurity risks, in the context of both preventing attacks and financial obligations that may arise if such an attack is successful.
The CFTC is currently reviewing the ICE business plan. Its commissioners are likely to vote for the approval of the initiative in early 2019, after which the public will have another 30 days to comment, writes WSJ.
Earlier, ICE announced that it was postponing the launch of Bakkt, which was scheduled for December 12, until January 24, 2019. As the company noted, this plan will be implemented if it is approved by regulators.
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