The launch of the Bakkt may not be in time for scheduled January 24
As previously announced, and after the first delay, the Bakkt will not be launched as it was scheduled for December 12 this year. The International Exchange or ICE is the core of the Big Apple’s Stock Exchange and new platform and now a long-awaited Bakkt, has announced that they are still waiting for necessary approvals from the state, more precisely from the CFTC.
After all, seems like the United States Commodity Futures Trading Commission or the CFTC is not so eager as ICE to open its platform and enter into a more comprehensive deal with cryptocurrencies, as planned. The outcome is that scheduled January 24 next year is a premature date. The company will have to wait a little bit more.
However, CFTC does not characterize this delay as a negative response to Bakkt, but as a delay of just a few days for explanatory and rational reasons.
Bakkt’s custody over Bitcoin
Referring to the sources familiar with the CFTC meeting and the discussions on the before mentioned request that Bakkt should keep all Bitcoin supplies in its storage, this would be the first reason given by the CFTC for disposal. As is well known, so far funds have been floated mostly in banks, and in this case, the CFTC might have to exclude the ICE because of their BTC-related solution. In that case, the Commission should sign a special approval issued to the ICE.
Bakkt has already submitted its request for an exception, and it has been reviewed by the CFTC stuff. After processing this document, the CFTC will have to vote and decide whether this will go as the proposal for public comment or not. This process can last for more than 30 days, even after that, the commission needs some time to read the comments and finally to conduct the vote.
Slowing from the White House?
The United States government has been partially closed lately, due to president Trump’s deliberations on the financing of the United States-Mexico border protection wall. Due to the new political situation, more than half of miniseries have been closed, which makes CFCT very difficult to operate and therefore all the voting that should have been on the agenda has been prolonged, among them the one about the launch of Bakkt.
When is Bakkt going to announce the delay? Analysts estimate in a few days, at the latest. Is there any other reason for canceling its launch? According to the experts, Bakkt Bitcoin Futures Market will move the boundaries of the existing crypto market, as well as to lead to the general adoption of bitcoin in global trading. Until then, such decisions such as this delay are undoubtedly taking part in the cost decline of the most famous cryptocurrency in the world, which we have witnessed over the past several weeks.