And after all that it has emerged that the CTFC have said they haven't approved LedgerX yet after all.
'on Thursday morning, the day after CoinDesk’s initial story ran, CFTC chief communications officer Michael Short said in an emailed statement: “LedgerX has not yet been approved by the Commission.”
'on Thursday morning, the day after CoinDesk’s initial story ran, CFTC chief communications officer Michael Short said in an emailed statement: “LedgerX has not yet been approved by the Commission.”
According to CFTC regulations, the DCO registration amendment should have been approved by default, so I can see how LedgerX made the mistake:
Quote
According to CFTC regulations (Title 17 part 39.3), the agency has 180 days to approve or deny a DCO application.
“[The CFTC] said to clear swaps and they said later that [we] should actually clear futures too and … we were waiting essentially for this amendment,” Paul Chou told CoinDesk Thursday.
Juthica Chou appeared to suggest that because this period had passed without an objection from CFTC, the company was under the impression that it was clear to proceed.
However, LedgerX needs explicit approval, according to a senior CFTC official.
“Every new or amended DCO application needs to be affirmatively approved by the Commission,” said this official, who did not want to be identified. “The absence of a decision does not constitute approval, and entity self-certification is not an option.”
“[The CFTC] said to clear swaps and they said later that [we] should actually clear futures too and … we were waiting essentially for this amendment,” Paul Chou told CoinDesk Thursday.
Juthica Chou appeared to suggest that because this period had passed without an objection from CFTC, the company was under the impression that it was clear to proceed.
However, LedgerX needs explicit approval, according to a senior CFTC official.
“Every new or amended DCO application needs to be affirmatively approved by the Commission,” said this official, who did not want to be identified. “The absence of a decision does not constitute approval, and entity self-certification is not an option.”
Bakkt seems to be in a similar position with the NYDFS. Some people assumed that NYDFS trust status was a sure thing or perhaps didn't require explicit approval, but that seems to be exactly what they're waiting on.
