blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
BET NOW
blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
blockchainreporter
BET NOW
No Result
View All Result
Bitcoin
BTC
1d:
7d:
Ethereum
ETH
1d:
7d:
Polkadot
DOT
1d:
7d:
Solana
SOL
1d:
7d:
Ripple
XRP
1d:
7d:
Shiba INU
SHIB
1d:
7d:

Bakkt News: CFTC Delay Due to Clients’ Bitcoin Custody Concerns, Claims WSJ

Umair Younas by Umair Younas
March 23, 2019 - 3:31 am
in blockchain news
0
cftc
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter
  • US CFTC is not fully confident about Bakkt’s bitcoin custody offering
  • Regulatory bodies in the US stall its progress in becoming a pro-crypto country

The Wall Street Journal on March 21, 2019, reported that the U.S. Commodity Futures Trading Commission (CFTC) is concerned over Bakkt’s physical Bitcoin futures custody services causing it to delay time and again.

Intercontinental Exchange Inc. (ICE) envisioned the bitcoin futures launch as the basis of a broader platform for trading and storing of digital currencies. However, the CFTC has not yet given all the necessary approval to Bakkt as yet. The delay is associated with the disagreement between the regulator and the ICE concerning the way the project should be regulated.

Bakkt Leads the Way

In February 2019, CFTC informed ICE that their project would require a business plan and time for the public to make comments. This would see the project’s approval delayed even further. Thereafter, stakeholders on the project started looking for an alternative to make the project go-live.

Bakkt is a project with high profile partners like Microsoft and Starbucks with the aim of making cryptocurrency regulated enough for the public to be able to use it for their day to day purchases. The venture was able to collect $182.5 million from investors. The project’s delay has come at a time when the cryptocurrency market is not doing well. Bitcoin’s price is off around 80% from its peak back in December 2017 at $4000. 

The delay is doing no good to the public’s faith in cryptocurrency.

The cryptocurrency market is known to be highly volatile, and the delayed approval is only feeding on to the fears of the people. When the government does not approve of such a project as Bakkt, the public views that as a confirmation of the validity of their fears, which might dent the public’s faith in digital currencies in the long run.

Other countries like Japan are on the path to fully embrace cryptocurrency while the US is continuously rejecting approval of a significant project like Bakkt, whose aim is to bring regulation to cryptocurrency and enable crypto to enter the real market thus be part of the public’s daily transactions. If the current regulatory environment persists, the US regulatory bodies, CFTC and SEC, could eventually drag the country behind in the crypto space as compared to other countries.

 

Tags: BakktCFTCCryptocurrency
ShareTweet
Umair Younas

Umair Younas

Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.

Recommended For You

Ankr Becomes a Pioneer RPC Provider for Horizen’s EON, an EVM-Compatible Smart Contracting Platform

by Mushu Butt
June 6, 2023 - 1:00 pm
0
photo

Ankr joins forces with Horizen as one of the first RPC service providers for EON, Horizen's groundbreaking EVM-compatible smart contracting platform.

Read more

SushiSwap Announces a Collaboration with ThunderCore to Innovate the Web3 Gaming Sector

by Umair Younas
June 6, 2023 - 11:15 am
0

The integration between SushiSwap and ThunderCore attempts to enable liquidity providers (LPs) to eagerly predict boosted APRs.

Read more

Power Browser Joins Forces with .bit to Redefine Web3 Through Decentralized Identity

by Shayan Chowdhury
June 6, 2023 - 8:45 am
0
power browser bit

Explore how Power Browser and .bit partner to transform Web3 through decentralized identity, enhancing user privacy, security, and control. 

Read more

METAVERTU Revolutionizes ChatGPT Integration with Free Access and Advanced Features

by Josh Fernandez
June 5, 2023 - 8:00 pm
0
metavertu chatgpt

Discover how METAVERTU revolutionizes ChatGPT integration, offering a superior, feature-rich AI experience free of charge.

Read more

Equilibria Finance Releases Latest Token Structure for Its Native Token

by Umair Younas
June 5, 2023 - 1:26 pm
0
Equilibria finance

The open allocation agenda thereof not just increases the versatility and functionality of Equlibria Finance but also promotes active participation.

Read more
Next Post
USD

US Markets News: Stocks Slip as the Federal Reserve Expresses Caution on Economic Slowdown

PARTNERS LIST

  • sp
  • Coingecko

PRESS RELEASE

BJaoVqYT

BinaryX and AiGC Labs Developing First AI-Powered Virtual Reality Game on the Metaverse

by Chainwire
June 7, 2023 - 4:06 am
0

Singapore, Singapore, June 7th, 2023, ChainwireBinaryX today announced their plans to expand into Virtual Reality (VR) and Artificial Intelligence Game...

CatalystiuGIbVuck

CoinMarketCap Web3 Conference “Catalyst” Early-Bird Registration Now Open

by Chainwire
June 6, 2023 - 4:48 pm
0

London, United Kingdom, June 6th, 2023, ChainwireCoinMarketCap’s flagship Web3 conference "Catalyst" has opened early-bird registration. The conference will take place...

blockchain wave conference

Blockchain Wave 2023

by Max Clark
June 6, 2023 - 2:47 pm
0

Blockchain Wave 2023: Join us in Antalya, Turkey for the biggest annual blockchain summit, featuring industry-leading speakers, and innovative startups.

photox

Coinbase and OpenSea Struggle to Keep up with HedgeUp (HDUP) Asset Backed NFT Platform

by Max Clark
June 6, 2023 - 12:29 pm
0

Explore HedgeUp's (HDUP) innovative asset-backed NFT platform that's reshaping digital assets and challenging leaders like Coinbase and Opensea.

n

BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry.

Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news, altcoins news, blockchain news, NFT news and cryptocurrency adoption news from around the world.

News

  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • Adoption
  • NFT
  • DeFi
  • Metaverse

Info

  • Education
  • Glossary
  • Market
  • Press Release

Company

  • About Us
  • Terms & Conditions
  • Advertise
  • Sitemap
  • Contact

@2022 – Blockchainreporter.net. All Right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise