CFTC LedgerX Approval Is A Big Step For Bitcoin

Law360, New York (July 27, 2017, 12:54 PM EDT) -- Bitcoin has taken an additional step toward legitimacy. On July 24, 2017, the U.S. Commodity Futures Trading Commission granted LedgerX LLC registration as a derivatives clearing organization (DCO) under the Commodity Exchange Act. The license authorizes LedgerX, an institutional trading and clearing platform, to among other things, trade and clear options on bitcoin.

While the CFTC explicitly stated in its release that its authorization “does not constitute or imply a Commission endorsement of the use of digital currency generally, or bitcoin specifically,” this authorization is likely to be viewed by market participants as providing some much-desired legitimacy to bitcoin through regulation. According...

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