Bakkt Crypto Trading Platform Expects March Approval By CFTC Barring Any Government Shutdown
Sources Say Bakkt Approval Could Come As Soon As In March
According to the Abacus Journal, the Bakkt could win the U.S. Commodity Futures Trading Commission (CFTC) approval as soon as in March. The news site quotes a source familiar with the Bakkt CFTC approval process. The intention is to begin trading physically deliverable Bitcoin futures.
Bakkt has been launched by the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE). Bakkt aims at providing services to institutional and traditional investors that want to enter the Bitcoin (BTC) and crypto market.
According to this source, the current administration is pro-business and also pro-innovation, however, the process is still a ‘meat grinder.’ He mentioned that both Jeff Sprecher and Kelly Loeffler are frustrated about this issue. Kelly Loeffler is the CEO of Bakkt and Jeff Sprecher the CEO of the ICE.
As per Abacus Journal, an early institution investor in the project informed that the delays have helped gather clients that will be providing liquidity and volume at launch.
On the matter, this source explained:
“The Bakkt team has used the time wisely and spent endless hours courting some of the biggest banks and names on the street to be trusted trade partners from the word ‘go’. All signs look to be headed toward mid-March for a final CFTC sign off.”
Additionally, he mentioned that it is ridiculous thinking about a delay for a long period of time. He mentioned that Loeffler and Sprecher are not in the ‘business of losing.’ As per the source, once the approval is finalized, the launch will occur shortly after it.
The cryptocurrency market is closely following the launch of the Bakkt platform. There are several analysts that believe that once institutional investors start entering the market, Bitcoin could start recovering from the bear market that it experienced since December 2017.
If the predictions made by the sources are real, the new platform should be live between one and two months. This could help the market and investors to feel that the bear market is reaching an end.
Currently, each Bitcoin can be purchased for around $3,475 and it has a market capitalization of over $60 billion.