LedgerX blames CFTС for bias

Posted 30 September, 2019

LedgerX stated the U.S. derivatives trading commission could have deliberately delayed the process of considering its clearing derivatives center request. If the documents were received earlier, the company would be able to start trading with bitcoin futures. LedgerX forwarded letters to the U.S. departments citting inappropriate work of Commodity Futures and Exchange Commission.

“We have strong reason to believe that this unreasonable delay that is in clear violation of the Commodity Exchange Act is related to the Chairman’s animus towards a blog post written by our CEO,” wrote representatives of LedgerX in one of the letters.

According to one version, the head of the department, Christopher Giancarlo made a telephone call to Paul Chow to make it clear that company's application would be canceled in the near future. One of the reasons for this could be the launch of Bakkt, offering customers almost the same functionality, which indicated that the official prefer to consider bigger projects. Despite the support of CFTC bodies, the platform was not able to attract a sufficient number of users, which is why the trading volume for the first day of its operation amounted to only 30 bitcoins.

Also, LedgerX claims that the CFTC required his company to obtain insurance, although the law does not provide this rule when opening trading in futures for assets of any type. The US Treasury does not comment on this situation.

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