Home / Cryptocurrency / LedgerX being weighed down by CFTC’c ex-Chief

LedgerX being weighed down by CFTC’c ex-Chief

The US-based cryptocurrency derivative company LedgerX accused ex-chairman Christopher Giancarlo of Commodity Futures Trading Commission (CFTC)  for constraining the authorization of its amended “Derivatives clearing Organization” (DCO) registration due to personal conflict against LedgerX CEO Paul Chou.

As per the report obtained by Coindesk, The assertion made by LedgerX was in two letters. One of them described, Christopher Giancarlo didn’t answer the outlet’s solicitation for Input, Paul Chou affirmed that the letters are genuine, precise and are just a portion of the messages sent by the firm to CFTC.

It was also confirmed by the outlet’s report, LedgerX was asked by the CFTC to obtain protection and direct a SOC 1 Type 2 review. Besides the organization asserts that one of the CFTC staff members attempted to meddle with LedgerX’s review. The organization additionally purportedly takes notes that a few reviewers were “Stating they had never observed this sort of thing”.

Paul Chou affirmed that he later got Expressions of Remorse. In the subsequent letter, dated July 11, the firm additionally takes note that its application has been pending for almost 250 days — presently it is more than 300. Per the report, the CFTC has now had 180 days to support or deny an application under government laws.

The letters additionally note that the CFTC’s swap information store prerequisites power LedgerX to answer to the Intercontinental Exchange’s ICE Trade Vault, and the last organization has just propelled its own contending administration — Bakkt. In the July 3 letter, LedgerX cases to have a sound chronicle of a call with ICE.

According to the assertion made by LedgerX, the CFTC has purportedly affirmed that LedgerX’s physically settled Bitcoin prospects item has not yet been endorsed by the Commission(CFTC).

About Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates:

Check Also

Einstein Crypto Exchange Shut Down After a Lawsuit by Security Regulators

Vancouver based Cryptocurrency exchange “Einstein” has been forced to close its activities after the Canadian …

Leave a Reply

Your email address will not be published. Required fields are marked *

Please wait...

Subscribe to our newsletter

Want to be notified when our article is published? Enter your email address and name below to be the first to know.