The Intercontinental Exchange (ICE) could have the launch of its Bitcoin Futures market postponed once again. The parent company of the New York Stock Exchange informed that they were delaying it for January 24, 2019. However, it could receive an approval a few days later.
Bakkt Launch Could be Postponed Once Again
The Intercontinental Exchange (ICE) has been working during this year to launch the so-called Bakkt platform. This new platform has been specifically designed in order to attract mainstream and institutional investors to the crypto market. The last bull run experienced by virtual currencies has been triggered by retail investors. Institutions and other investors remained outside the market due to the lack of services for these participants.
This is why the ICE decided to work on Bakkt and welcome new investors to the crypto world. Although the launch of the Bakkt exchange was scheduled for December 2018, due to different reasons it had to be postponed for January 24, 2019.
Although this might not happen, ICE needs to receive the necessary approval from the U.S. Commodity Futures Trading Commission (CFTC) if it wants to launch the Bakkt platform. However, it seems that it might not receive the approval before the scheduled date.
According to CoinDesk, citing a person familiar with the matter, the CFTC could approve the plan presented by ICE on time. Additionally, he said that it can even be approved to be launched on January 30.
The regulatory agency must provide an exemption for the company to take care of customers’ Bitcoins. Bakkt will be offering custody services to institutions and largest investors using its own warehouse. The CFTC requires firms to hold customers’ funds by a bank, trust company or another entity such as futures commission merchant.
As per the source, commissioners have to vote on it and whether they will put the proposal for public comment. After receiving the comments, commissioners tend to take a few days to evaluate the proposal themselves.
The source explains that Monday and Tuesday are federal employee holidays, which means that commissioners will not be working during these days. This is why they are going to be voting for public comment on December 26. That means that a final vote regarding Bakkt’s launching would be made on January 24.
As mentioned before, commissioners might take a few days in order to evaluate the comments and take a final decision on the matter.
One of the main differences between Bakkt and other Bitcoin futures markets is that Bakkt offers physically settled contracts. The launching of the Bakkt platform is expected to generate a larger interest in the industry and help companies have access to virtual currencies.