Executives of two exchanges offering bitcoin futures defended them today as not unduly risky as the Commodity Futures Commission considers tighter scrutiny over the introduction of other cryptocurrency derivativesCME Group General Counsel Kathleen Cronin contended CME’s months-long efforts in developing its Bitcoin futures were rigorous. Cboe Global Markets President and Chief Operating Officer Chris Concannon said his exchange had extensive contacts with CFTC staff, futures commission merchants and other market participants before launching its Bitcoin futures during December. Their comments came at a CFTC advisory group session at which the agency’s chair Christopher Giancarlo emphasized his concern cryptocurrency futures shouldn’t be vulnerable to easy market manipulation and have an adequate margin requirement. Giancarlo’s fellow Republican Commissioner Brian Quintenz said self-certification is going along well for Bitcoin futures. He added the introduction of new cryptocurrency derivatives should not be delayed by the political considerations of regulators.

Source: Forbes February 01, 2018 02:37 UTC