search newsletter login upgrade

Crypto Dad is leaving, the CFTC is still writing the rules, and applicants fall short: D.C. sources on what’s holding up ErisX and Bakkt approvals

by Isabel Woodford

May 7, 2019, 12:21PM EDT  ·  6 min read

Quick Take

  • Legal professionals and sources in Washington, D.C. break down the regulatory hoops exchanges like Bakkt and ErisX must jump through before getting the thumbs up for their intended licenses
  • They also outline why some exchanges got the golden ticket more quickly than others – and when we should expect the exchanges’ approvals to come through

by Isabel Woodford

May 7, 2019, 12:21PM EDT  ·  6 min read

It’s not easy being a crypto exchange. Especially when it comes to getting futures licenses from some of the world’s most stringent financial regulators.

Among them is Bakkt, which is currently seeking a trust license to launch its bitcoin futures platform, and ErisX, which is bidding to secure a Derivatives Clearing Organization (DCO) to launch its own futures platform.