The Significance of Bakkt Launching Its Bitcoin Futures Contracts After Challenges With SEC
We can call the US' Securities and Exchange Commission a lot of things, but fast is certainly not one of them. That turns out to be a somewhat good thing, however, as it gave them the time needed in order to filter the great from the bad ideas, especially where it relates to Bitcoin Futures.
According to the major investment company Bakkt, which took to Twitter to announce the good news, it is now officially ‘set to launch' the first of a wave of physical Bitcoin Futures contracts that have been approved by the SEC.
On Sept 23rd we’re set to launch two physically delivered bitcoin futures contracts:
• Bakkt Bitcoin (USD) Daily Futures
• Bakkt Bitcoin (USD) Monthly Futures
Read more https://t.co/RO4XhrjFR6
— Bakkt (@Bakkt) August 19, 2019
According to Bakkt's CEO, Kelly Loefler, the SEC certainly didn't waste that time they . had to consider the company's futures contracts. With the launch representing the first or what may be many futures contracts to come.
“Our contracts have already received the green light from the CFTC through the self-certification process and user acceptance testing has begun.”
“With approval by the New York State Department of Financial Services to create Bakkt Trust Company, a qualified custodian, the Bakkt Warehouse will custody bitcoin for physically delivered futures,”
“This offers customers unprecedented regulatory clarity and security alongside a regulated, globally accessible exchange in a market underserved by institutional-grade infrastructure.”