The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

LedgerX CEO Blasts US Regulator After Bitcoin Futures Fiasco

by Daily Hodl Staff
August 4, 2019
in Bitcoin

LedgerX CEO Paul Chou is not happy with the US Commodity Futures Trading Commission.

The regulated crypto derivatives platform announced on Wednesday that it was launching the first physically-settled Bitcoin futures contracts in the US. But soon after, the CFTC stepped in, saying that it did not approve LedgerX’s application to provide crypto futures trading after all. 

Chou responded to the bombshell from the CFTC in a series of tweets, threatening to sue the agency for “breach of duty” and engaging in “anti-competitive” behavior.

also breaking, i've decided to sue the CFTC for anti competitive behavior, breach of duty, going against the regs, etc.

— Paul Chou (@paul_l_chou) August 1, 2019

“If the government does not do the right thing, we will sue them, period. [I am] already talking to our lawyers about this. … The CFTC is breaking the law right now. They have acted in horrible ‘good faith’.”

“I have recordings for this type of thing, and I am going to release all of them on Twitter until the government does their fucking job.”

“True quote from one of my executives: ‘how the fuck are we wasting so much tax payer money with the CFTC’. do they really have nothing else to do? like monitor swaps or something?”

yeah it's a real thing, def noticed it…

— Paul Chou (@paul_l_chou) August 1, 2019

If the CFTC had given LedgerX the green light, then the institutional derivatives exchange would have become the first US firm to offer physical BTC futures that issue payouts in the underlying cryptocurrency instead of cash.

Explaining how his company’s futures contracts would be issued, Chou told Coindesk on Monday,

“Not only are they delivered physically in the sense that our customers can get Bitcoin after the futures expires, but [traders can] also deposit BTC to trade in the first place.”

Last month, LedgerX obtained regulatory clearance to serve as a designated contract market (DCM), which is reportedly the first of two requirements for offering Bitcoin futures contracts. The company still needs a derivatives clearing organization (DCO) license before it can offer physically settled futures. 

As noted in a press release by the CFTC in late June,

“LedgerX has requested that the CFTC amend its order of registration as a DCO, which limits LedgerX to clearing swaps, to allow it to clear futures listed on its DCM.”

Title 17, part 39.3 of CFTC’s compliance document states that the federal regulator has 180 days to decide whether it will approve or reject a DCO application.

According to CoinDesk,

“[LedgerX chief operating and risk officer 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.”

Paul Chou also says the derivatives exchange submitted the amendment on November 8, 2018, and that it had been over 180 days since the application was filed. He added that the CFTC did not request any additional items in order to process LedgerX’s request.

However, a CFTC official clarified that all new or amended DCO applications must be “affirmatively approved” by the Commission. The spokesperson further noted that “the absence of a decision” does not imply that approval has been granted. Moreover, the senior official pointed out that “entity self-certification is not an option.”

At present, LedgerX’s DCO application “appears to be in the very final stages of the approval process,” the official noted.

[the_ad id="42537"] [the_ad id="42536"]
Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Radix Babylon Upgrade Marks New Era for Web 3.0 User and Developer Experience
    September 28, 2023
  • Tyrion Set To Decentralize the $377 Billion Digital Advertising Industry
    September 25, 2023
  • Hydranet Launches Layer Three Dex – A Game Changer for Trustless Cross-Chain Trading
    September 25, 2023
  • Ottochain Homage to EVMOS and Ethereum Layer Two
    September 21, 2023
  • Algorand Foundation Announces Build-a-Bull Hackathon in Collaboration With AWS
    September 20, 2023
  • OKX Achieves SOC 2 Type II Certification, Demonstrating Its Industry-Leading User Safety, Security and Compliance Standards
    September 20, 2023
  • Dexalot Unveils SimpleSwap and SimpleView Features for Enhanced User Experience
    September 19, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,027.24
$27,027.24
0.89%
Ethereum
$1,680.05
$1,680.05
1.19%
Cardano
$0.25472
$0.25472
1.83%
XRP
$0.517838
$0.517838
2.94%
Dogecoin
$0.062312
$0.062312
0.9%

Spotlight

  • Is Ethereum Bottom In? Top Analyst Reveals the ‘No Questions Asked’ Level He Will Start Reaccumulating ETH
    September 23, 2023
  • This Catalyst Will Catapult Bitcoin and Have a ‘Dramatically’ Positive Impact on Altcoins: Anthony Scaramucci
    September 23, 2023
  • Over $440,000,000,000 in Bitcoin and Other Cryptos Could Be Wiped Out Before Market Bottoms Out: Nicholas Merten
    September 23, 2023
  • Trader Says Dogecoin Rival Has Additional Upside Potential, Updates Outlook on Bitcoin and Worldcoin
    September 23, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash • Financeflux •
Industry Announcements

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl