LedgerX Founders Put on ‘Administrative Leave’ Following CFTC Conflict Over Bitcoin Futures Launch
- The interim CEO of Ledger Holdings is Larry E. Thompson.
- Paul Chou, the CEO on administrative leave, previously had accused CFTC Chairman Christopher Giancarlo of holding a grudge against LedgerX.
Paul and Juthica Chou were responsible for the founding of LedgerX, and have been the CEO and COO, respectively, as well as husband and wife. The platform provides US-based retail and institutional investors with Bitcoin derivatives products.
However, as reported by The Block and CoinDesk, a press release states that these two individuals have been “placed on administrative leave,” which is effective now. Larry E. Thompson, a veteran of Wall Street, is taking on the role of interim CEO and lead director with Ledger Holdings, the parent company of the derivatives provider. Chou, who spoke with CoinDesk via email, stated,
“The board composition is tricky. There is nobody else on the board that knows computer science, Bitcoin and derivatives, which makes these conflicts and disagreements often difficult. Paul and I wish the new management team well.”
LedgerX’s application to change a registration with the Commodity Futures Trading Commission for the purpose of launching physically-settled bitcoin futures remain outstanding. The company has been working to get this amendment approved since 2018, but letters discovered by CoinDesk (obtained through a Freedom of Information request) reveal that the leadership believed that CFTC Chairman Christopher Giancarlo had a “personal animus” against the company.
A blog post by Paul Chou confirmed that the letters were accurate. One tweet even noted from the now-former CEO that he wanted “to sue the CFTC for anti-competitive behavior, breach of duty,” and other issues, according to The Block.
The recent press release states that Thompson, prior to the entry into LedgerX’s leadership, was at the Depository Trust & Clearing Corporation (DTCC), where he filled the role of vice-chairman. Mark Wetjen, the managing director of DTCC, is on the LedgerX board, but he did not return the request for comment from CoinDesk.