ICE Bakkt project can be rescheduled further

Posted 22 December, 2018

The launch of the ICE's bitcoin-futures trading platform Bakkt can be rescheduled again.

According to the new reports, the Intercontinental Exchange (ICE), which runs the New York Stock Exchange, can postpone the Bakkt commissioning as it is still waiting for the required approvals. The previous launch date was January 24. However, the US Commodities Futures Trading Commission is yet to make a determination on the company's application and the decision can come after the mentioned deadline given the pace at which the determination is being made.

At the same time, the source in the know stated that the authority eventually still can give the green light for the project, adding that even the nearest date, like January 30 or beginning of February can be  possible date for the approval.

The Commission is about to grant Bakkt the rights to store clients' cryptos in the platform's infrastructure. For reference, the usual requirement is to use banks, trust companies or authorized intermediaries for that purposes.

It was said the Bakkt application for this right has been reviewed by CFTC and passed to the Commissars yesterday. The next step – CFTC may vote whether allow the application move to the 30-day stage of collecting public comments. And after that, the authority will consider the received comments and make a final determination. 

It is worth mentioning the beginning of the week will be holidays in the country, which means that the commission may vote for the public comments on the application on December 26. As a result, the announced schedule for the Bakkt launch will be broken anyway. 

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