In June, LedgerX proudly announced to the entire crypto-world that it had become the first exchange approved by the Commodity Futures Trading Commission (CFTC) to run a futures market with real Bitcoin. It has now emerged that this announcement was premature, with the CFTC clarifying that the company was not approved.
There has been much confusion recently after it has been revealed that LedgerX’s apparent approval by the CFTC has all been a farce. The U.S-regulated Bitcoin derivatives exchange and clearinghouse hoped to be the first platform to host a futures market settled in real Bitcoin. The CFTC clarified recently that the exchange “has not yet been approved by the Commission.”
The consequence of the CFTC’s changed position has caused much anger, even within the LedgerX team. For example, it has come out that the LedgerX press representative Ryan Gorman has left the company over the issue. The company’s CEO, Paul Chou, has also lashed out at the CFTC in a series of expletive-ridden tweets, claiming that he is prepared to sue the agency for “anti-competitive behavior and breach of duty.”
According to Michael Short, a representative at the CFTC, “LedgerX requested that the CFTC amend their order of registration as a DCO to also include clearing futures listed on its DCM… that process has not yet been completed.” So far, the CFTC has not responded to Chou’s tweetstorm.
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Anton Lucian
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.
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