ErisX provides CFTC with comments on Ethereum technology

Posted 18 February, 2019

A digital assets exchange from Chicago – ErisX – submitted a letter of comment with the Commodity Futures Trading Commission (CFTC) as the response to the  CFTC the request on the Ethereum technology information.

According to the letter released on the CFTC website, ErisX stated that insufficient legal clarity sometimes restrains opportunities of the new companies (especially regulated market player) to enter the crypto segment. In this situation, the market is facing more and more unregulated or poorly regulated exchanges and brokers, with the major part holding offshore registration.

The company shared its view in the letter:

"ErisX believes that robust, transparent, regulated financial markets are critical infrastructure that enables price discovery and risk transference. These are foundational elements of well-functioning capital, commodity, and commercial markets globally. Commodity futures contracts are designed to enable risk transfer and hedging."

For reference, the CFTC issued a request last December in which it asked the public to clarify some aspects of the Ethereum platform, including the technology, features, possible applications, etc. Then the entity stressed that it “seeks to understand similarities and distinctions between certain virtual currencies, including here Ether and Bitcoin, as well as Ether-specific opportunities, challenges, and risks.”.

As the company representative noted the launch of standardized and CFTC-regulated by products based on a reliable custodial infrastructure will play into Ethereum's hands. Legal supervision will attract more participants to the market, improve pricing transparency and market liquidity, and also open up new risk management opportunities to asset holders.

Notably, ErisX is planning to launch Bitcoin, Bitcoin Cash, Litecoin, and Ethereum futures in H1 2019. 

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18 February, 2019 13:38

← QuadrigaCX: Gerry Cotten could keep all keys on paper in safe-deposit box

The former CEO at QuadrigaCX Gerald Cotten unveiled the method of keeping keys at the exchange about five years ago. It is possible that he hept the private keys for the cold wallets printed on the paper and left in a lockbox. This theory has a right to exist given Cotten's statement made in 2014 concerning the safest way to store users’ private keys.Gerry Cotten during one of the podcasts voiced a warning about the risks that he saw in the cold storage system. The best way to store private keys is to print them on the paper and then place in it in bank safe deposit.

QuadrigaCX: Gerry Cotten could keep all keys on paper in safe-deposit box

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18 February, 2019 11:09

US SEC to decide on bitcoin-ETF Bitwise-NYSE Arca within 45 days →

Last Friday, the US Securities and Exchange Commission reportedly launched the consideration process for the rule change application filed by the Bitwise Asset Management in tandem with NYSE Arca exchange. The regulator has started the consideration of the request registering the application in the Federal Register.  Under the effective legislation, the authority will have to make a decision on the rule change request from the above-mentioned companies within a 45-day period beginning from February 15, the date of adding it to the Federal Register.

US SEC to decide on bitcoin-ETF Bitwise-NYSE Arca within 45 days
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