Bakkt’s Bitcoin Daily Future Contract has been announced to be ready for launching from the authorities, according to recent reports from the Wall Street Journal.
The exchange as been working along with Commodity Futures Trading Commission (CFTC) to ensure the business will be compliant with the agency’s regulatory framework. Some key areas that stuck out are the exemptions for the exchange to keep customers bitcoins, cybersecrity issues that could pop up and financial liability, the even of a cyber attack. Once the CFTC has approved the project, the public has 30 days to make comments on it.
While the contract was originally slated for release one December 12th, but was rescheduled for January 24th, 2019. During that time, CEO of Bakkt, Kelly Loeffler has cited the interest and the “work required to get all the pieces in place” as reasons behind the delay.
“ICE Futures U.S., Inc. will list the new Bakkt Bitcoin (USD) Daily Futures Contract for trading on trade date Thursday, January 24, 2019, subject to regulatory approval. The new listing timeframe will provide additional time for the customer and clearing member onboarding prior to the start of trading and warehousing of the new contract.”
Plenty of economist see the introduction for these contracts as a real game changer for the crypto sector. This is mainly due to Bakky physically delivering Bitcoins to investors of these future contracts, something that most people have claimed will greatly affect the supply and price of Bitcoins.
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