The CEO of the institutional trading platform Bakkt Kelly Loeffler made an official announcement that the former cybersecurity expert and Cisco, Endgame and IBM Tom Noonan, will become the chairman of Bakkt’s board of directors according to the blog post published yesterday that reached our digital currency news.
The blog post initially reported in Medium, states that the founder, CEO and chairman of the Intercontinental Exchange (ICE) who is also the chairman of the New York Stock Exchange (NYSE) Jeff Sprecher will also be joining the board of directors at Bakkt. In this group a couple of other popular names will be included such as the Softbank managing partner Akshay Naheta and Sean Collins who is the managing partner at Goldfinch partners.
Kelly Loeffler pointed out that the current state of the crypto market and the manipulation of it, increases the security concerns which show how important a regulated crypto space and custody market is for all of the digital assets. She added:
“Security, infrastructure and regulatory clarity are cornerstones for building trust, and ultimately to help this technology serve people around the world.”
The announcement goes on further and explains how the realization of vision of the company requires a serious amount of work by the future and current board members. The post also underlines that the company is working with the United States Regulator- The Commodity Futures Trading Commission (CFTC) in order to get the much needed regulatory approval for their Bitcoin (BTC) futures that are expected to be physically delivered.
Loeffler also pointed out that, despite the fact that the company cannot set up an exact launch date, they are making progress with obtaining the needed regulatory approval. The post outlines that bitcoin futures will definitely be listed on the CFTC regulated exchange.
As previously reported by DC Forecasts, the first delay of the Bakkt’s futures launch was caused by the Commodity Futures and Trading Commission after explaining their concerns over the decision of the company to have custody of the clients’ crypto assets. The CFTC told the platform back in February that if Bakkt wants to be a physical warehouse for their customers, they have to fulfill other conditions that are not required for other platforms. The CFTC also requires ‘’disclosures of the venture’s business plan and a public comment period, which would have further delayed approval.’’
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