The US Commodity Futures Trading Commission (CFTC) did not approve the launch of Bitcoin futures (BTC) trading on the LedgerX platform. Therefore, the company had to postpone the implementation of the project indefinitely.
CFTC approved LedgerX’s application for a license to list futures and options in June 2019. However, to start trading contracts, the company needs a second license that allows providing clearing. The company applied for a second document on November 8, 2018. According to the current law, the CFTC must reach a verdict within 180 days. While this period ends, the agency did not inform about its decision. The company management used the rule “silence gives consent”. However, LedgerX planned the start of futures trading on July 31.
Officials said that LedgerX had no call to trade futures until it received the approval. The representative of the regulator said a lack of response does not mean a positive verdict. According to him, the application of the company is at the final stage of the investigation. He has confirmed that it may go beyond the established deadline if the application is not drawn up correctly or if the necessary documents are missing. However, the Commission did not report this to LedgerX, so the reason for the delay may lie elsewhere.