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Bringing you news, views and analysis since 2013
Paul Chou, LedgerX

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Landmark CFTC order definitively classifies bitcoin derivatives as regulated commodity

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While CFTC Commissioners and staff have in the past asserted that the CFTC has jurisdiction over bitcoin derivatives in speeches and testimony, for the first time the Commission has issued a definitive finding that bitcoin derivative exchanges must register as a SEF or designated contract market.  

The CFTC will now uphold the laws and regulations of the Commodity Exchange Act for all derivative bitcoin trading venues
 
“This begins a new chapter in the evolution of the bitcoin market,” says Palu L Choue, CEO LedgerX. “This demonstrates that bitcoin is a new commodity subject to CFTC jurisdiction and that federal agencies will enforce a regulatory framework to protect the market and its participants.”
 
On 8 September, the CFTC Division of Market Oversight granted LedgerX a temporary registration as a SEF.  LedgerX’s application for a clearing house is still under review.  

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