CFTC Grants Designated Contract Market Status to Bitcoin Exchange
Commentary by Steven Lofchie
The CFTC granted Bitnomial Exchange, LLC's application for status as a designated contract market. Bitnomial's website indicates that it plans to offer deliverable trading in fiat and digital assets. According to the application, Binomial committed to continuing compliance with CFTC regulations relating to its operation and designation as a contract market.
Commentary
It is possible that the difference in legal outcomes by different agencies is based upon statutory language. It may be more likely that it is policy discretion that has resulted in such a sharp distinction between the CFTC's attitude towards crypto-products and that of the SEC. See, e.g., SEC Rejects Proposal to List Bitcoin-Based ETP on Regulated Exchange.