CFTC Claims Bitcoin Futures from LedgerX are Not Approved

Ethereum World News, a U.S.- and U.K.-centric organization founded in 2017, is a media outlet predicated on providing pertinent, up-to-date, and …

According to a statement obtained by CoinDesk, the CFTC has, in fact, not approved LedgerX to launch Bitcoin (BTC) futures just yet. The outlet wrote in a recent update to yesterday’s article about the exchange’s launch of physically-deliverable BTC futures:

The U.S. Commodities Futures Trading Commission (CFTC) says LedgerX has “not yet been approved by the Commission” to offer physically settled bitcoin futures.

This is notable, as LedgerX purportedly claimed to have the proper registrations to launch such a cryptocurrency vehicle. In June, the firm claimed that the financial regulator had granted it a designated contract markets (DCM) license, giving it the final push it needed to begin preparation for BItcoin futures.

This is a developing story.

Title Image Courtesy of Mink Mingle Via Unsplash

CFTC Did Not Yet Approve LedgerX Physically-Settled Bitcoin Futures: Report

The United States Commodities Futures Trading Commission (CFTC) has confirmed that LedgerX has not yet been approved by the agency to offer …

The United States Commodities Futures Trading Commission (CFTC) has confirmed that LedgerX has not yet been approved by the agency to offer physically-settled Bitcoin futures, in a statement obtained by CoinDesk.

Allegedly fake CFTC approval announcements

As Cointelegraph reported yesterday, LedgerX said in an announced on July 31 that its physical futures offering was live on its Omni trading platform. However, the latest confirmation from the CFTC suggests that this could not have occurred.

Derivative specialist Thomas G. Thompson pointed out on Twitter that “the CFTC does not show any futures contracts certified by” the firm. He concludes that LedgerX may indeed have just launched their existing swaps on their new futures platform. Nevertheless, he concluded:

”Still important development because now retail can trade bitcoin options and swaps.”

“Vaporware launch”

Meanwhile, cryptocurrency news outlet The Block reported earlier today that numerous clues suggested that the launch, indeed, did not take place. The reporter quotes an anonymous industry leader commenting on the development:

“Don’t see any reported trade volume either. Vaporware launch.”

Nevertheless, the official LedgerX Twitter account announced today the launch of the LedgerX Omni, welcoming users to sign up for “early access.”

As Cointelegraph reported earlier this month, Bakkt, the long-awaited Bitcoin futures platform from the Intercontinental Exchange, has begun testing the delivery of BTC futures.

Cointelegraph reached out to the CFTC for comments but did not receive a reply at press time.

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Coinbase loses another executive; its product counsel for institutional products joins back CFTC

Andrew Ridenour, product counsel for institutional products at Coinbase, is the latest person to leave the cryptocurrency exchange. Ridenour has …

Andrew Ridenour, product counsel for institutional products at Coinbase, is the latest person to leave the cryptocurrency exchange.

Ridenour has rejoined the U.S. Commodity Futures Trading Commission (CFTC) after spending 1.7 years at Coinbase, according to his LinkedIn profile. He was responsible for developing legal structures, constructing business plans and regulatory strategies for institutional products at the exchange, per the profile.

Before joining Coinbase, Ridenour spent nine years at CFTC, first as a senior trial attorney and then as a special counsel within Division of Market Oversight. Now in his second-innings with the regulator, Ridenour works as a senior counsel to the Chairman, per the profile.

“I’m happy to be returning ‘home’ to the CFTC in Chairman Tarbert’s office. Looking forward to an amazing time at the Commission. Special thanks to the Chairman for giving me the opportunity to re-enter government service,” Ridenour wrote on LinkedIn.

Earlier this year, Coinbase’s institutional head Dan Romero left after five years at the firm, followed by the departures of Christine Sandler and Adam White – the institutional team’s beating hearts, among other executives in the recent past.

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Tarbert sworn in as CFTC chairman

As Tarbert was sworn in, advocates for cryptocurrencies are searching for clues about his views on alternative currencies, Cointelegraph reported.
New Commodity Futures Trading Commission Chairman Heath Tarbert takes the oath of office this morning from Judge Douglas Ginsburg alongside his family.

Photo courtesy CFTC

Heath Tarbert was sworn in as chairman of the Commodity Futures Trading Commission today for a term that extends until April 13, 2024.

“America’s futures, swaps, and options markets are the global standard,” Tarbert said in a news release.

“Their integrity is essential to the economic security of every American, particularly our farmers and ranchers. I look forward to working with each commissioner and the talented staff at the CFTC to ensure our derivatives markets remain vibrant and wrongdoers are held accountable,” Tarbert said.

“At its core, the CFTC is a guardian of the American free-enterprise system. Opportunities and threats await us, and we will be ready. Whether it be unfinished business or the unwritten future, now is the time to act, and I intend to hit the ground running.”

Most recently, Tarbert served as Treasury assistant secretary for international markets and subsequently as Treasury acting undersecretary for international affairs.

As Tarbert was sworn in, advocates for cryptocurrencies are searching for clues about his views on alternative currencies, Cointelegraph reported.

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Bitcoin fraudsters who impersonated CFTC officers fined by Texas court

Texas’ federal court has fined two individuals who ran a fraudulent bitcoin operation. The defendants, Morgan Hunt and Kim Hecroft, were ordered to …

Texas’ federal court has fined two individuals who ran a fraudulent bitcoin operation.

The defendants, Morgan Hunt and Kim Hecroft, were ordered to pay $180,000 each in civil monetary penalties and restitution to the victims.

Between January 2017 and September 2018, the two men run a fraudulent scheme, soliciting bitcoin via Facebook and email. The men misled their clients about their experience as traders and presented them with a false investment portfolio. They told their customers they couldn’t withdraw their profits without first paying taxes to the CFTC, despite the fact the institution (the Commodity Futures Trading Commission) does not collect taxes. They also posed as CFTC investigators and sent out forged documents purportedly written by the CFTC’s General Counsel.

James McDonald, CFTC Director of Enforcement, warned the public, “retail customers should exercise caution before buying or trading cryptocurrencies on unfamiliar Internet websites or social media.”

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