The Intercontinental Exchange (ICE) which is the parent company of the New York Stock Exchange (NYSE) is in the crypto news today for its probable delay in launching the Bakkt Bitcoin futures market and custody platform. The launch was once delayed this month and January 24th was set as the official launch date.
However, ICE has yet to receive the necessary approval from the US Commodity Futures Trading Commission (CFTC) and at the current pace at which it is moving, it is very unlikely that approvals will be secured in time to hit this target.
Furthermore, the CFTC must grant an exemption for Bakkt’s plan to custody Bitcoin on behalf of its clients in its own “warehouse” as sources familiar with regulatory discussions of the plan shared. Instead, the CFTC regulations normally require that customer funds are held by a bank, trust company or futures commission merchant (FCM).
This would be the second postponement.
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ICE already aimed to launch Bakkt in December but delayed the launch for the end of January, mostly because of the “volume of interest” in the company and the “work required to get everything in place.” Unlike the Bitcoin futures offered by CME Group and CBOE, Bakkt’s will be physically settled which translate to actual Bitcoin changing hands rather than cash when the contracts expire.
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