Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is likely to postpone the launch of Bakkt, a platform for tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details and storing bitcoin futures, for the second time, as reported by CoinDesk.
Recall that the last time the company set the Bakkt launch date – January 24. However, ICE has not yet received the required permits from the US Commodity Futures Trading Commission (CFTC). Due to the fact that the commission’s decision is unlikely to be made in the near future, the approval from ICE will most likely not be received on time.
Bakkt and CFTC Solution
To be clear: this does not mean that the CFTC ultimately will not approve the plan. After all, it is known that many commissioners have already announced their positive attitude to cryptocurrency assets. At the same time, it is hoped that if the Bakkt project complies with the rules, it can be launched before the CFTC decision is made. CFTC rules typically require customer funds to be at the disposal of a bank, trust company, or futures commission merchant (FCM).
According to one of the sources, the agency’s employees completed consideration of the request for Bakkt and submitted it to the commission on Friday, December 21. Now the commissioners have to vote on whether it is possible to put a proposal for public discussion. After a 30-day comment and vote period, commissioners are likely to need at least a couple of days to read the comments, and then vote for the proposal itself.
But there is a dilemma related to holiday weekends. The days, which were supposed to be "life-changing" for Bakkt, fall first on the New Year's celebration, and then on the Christmas holidays.
Most likely, this will be the second delay for the project. Initially, ICE intended to launch Bakkt in December, but last month the commission postponed a decision to study the issue in more detail.
Recall that unlike Bitcoin futures offered by CME Group and Cboe, Bakkt will be calculated "physically". This means that Bitcoin can actually be transferred from hand to hand, and not after the contract expires. Decisions on Bakkt Bitcoin futures may be postponed a second time, but there is hope that the commissioners will make a decision before the Christmas holidays, December 26.
Editor: Yuliya Soroka