Bakkt tested the settlement of Bitcoin futures products on Monday, Ethereum or became the next "favored target"

According to Trustnodes reported on July 19, the world's first US-regulated physical settlement bitcoin futures will begin testing on July 22 (Monday). On Thursday, a launching ceremony was held on the boardroom of the New York Stock Exchange (NYSE).

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Image source: pixabay

One of the earliest Bitcoin and cryptocurrency investors, Dan Pantera, said at the Bakkt Institutional Digital Asset Summit: "We are sitting in the boardroom of the New York Stock Exchange – – For Bitcoin, this is the first time."

So far, there has been no progress in the summit. It is not clear whether the media has been invited, but the event shows that after a long process of several months, Bakkt has made great progress and will carry out bitcoin futures on Monday. Test work.

They seem to have obtained the approval of the US Commodity Futures Trading Commission (CFTC) through self-certification. After a long period of negotiations, the regulatory authorities finally made policy adjustments to the old regulations.

Specifically, regulations require banks or trust companies to hold deposits. Of course, for Bitcoin, no bank offers this service, so Bakkt's solution is to apply for a trust license to the New York Financial Services Department (NYDFS).

It seems that applying for this trust status is a right, and the law forces the New York City Financial Services Authority to grant it unless there is a good reason to reject it.

So, since they are starting to test now, the condition may be that Bakkt is applying for a license, rather than waiting for it to get the actual approval before doing the job.

Since this is the first time for the New York Stock Exchange's Intercontinental Exchange (ICE), they will naturally be a bit slow at first, but as far as the CFTC is concerned, they have begun to pay attention to Ethereum (ETH).

Chris Burniske, a partner at venture capital firm called Placeholder, said: "When asked about other cryptographic assets, CFTC commissioner Dawn Stump mentioned that the agency recently Asking for information about Ethereum, he said that 'supervised bitcoin futures are just the beginning.'"

Stonp may refer to the end of last year when the Commodity Futures Trading Commission sought to “understand the similarities and differences between certain virtual currencies (including Ethereum and Bitcoin) and the opportunities, challenges and risks associated with Ethereum” Information request.

Soon after, there were reports that the CFTC was happy to give a green light to the regulated Ethereum futures after the US Securities and Exchange Commission (SEC) issued a statement saying that Ethereum was not a security.

So far, only Bitcoin and Ethereum have obtained this regulatory certainty, and they are all indirectly governed by the CFTC. The CFTC has the power to investigate potential trading manipulations of these two cryptocurrencies.

This policy has become clear as Bitcoin has opened the way to Wall Street and institutional investors, including potential pension funds. Bakkt's physical settlement and one-day delivery of Bitcoin futures products may provide an easier channel for institutional investors to purchase and hold physical bitcoins.

A few months later, assuming everything goes well, Ethereum is likely to follow the pace of Bitcoin, as these two top cryptocurrencies have begun to integrate into the mainstream financial sector.