The pre-Christmas rally of Bitcoin & co., has impressed many players in the industry, some speculated even about the beginning of a new Bullruns. At the latest since the 24. December, when Bitcoin fell again to almost 10 percent, it seems, however, that the rally has found an early end. One reason could be the further delay of the Bitcoin Futures of Bakkt.
Asreported, could be the Start of physically supplying further delay. As stated in the report, the parent company of the New York Stock Exchange and the Bakkt – the Intercontinental Exchange (ICE) – the necessary permits from the United States Commodity Futures Trading Commission (CFTC). The processing could move to the Back. Originally, it was the Launch of Futures, the Bakkt for the 12. December 2018 planned, but had to last the 24. Janar 2019 be moved because the CFTC could not keep the intended date.
Currently, a timely approval seems, therefore, questionable because Bakkts Custody solution for the physical Bitcoin Futures are a first for the CFTC and a number of US authorities to act are due to the current shutdown due to a budget dispute over the U.S.-Mexican border wall is partially incapacitated.
In the report it is stated that the CFTC of ICE may need to grant an exception for their Custody solution of Bitcoin. The CFTC needs to grant an exemption for the Plan from Bakkt to store Bitcoin on behalf of their clients. The CFTC rules generally require that client money is kept by a Bank, trust company, or a Futures Commission Merchant (FCM).
The application for exemption from Bakkt has already been examined by the staff of the CFTC. It has now been forwarded to the Commission. The Commission must now vote but about whether or not you submit the proposal to the public opinion. The latter procedure usually lasts for 30 days, after which the Commission will take some time to read the comments and then on the request for the exemption vote.
The Shutdown of the U.S. government could also be another factor, because President Trump tries to negotiate on the financing of the Berlin wall on the U.S.-Mexican border. As a result, some authorities have been closed in some States. The shutdown could also have an impact on the CFTC, and any decision on the free delay position the request of Bakkt.