The US Commodity Futures Trading Commission (CFTC) has approved the transfer of the swap execution facility (SEF) registration to Tassat. With this registration, the company wants to issue physical bitcoin (BTC) margin swaps, among other things. With the approval, Tassat is another step closer to launching a fully regulated cryptocurrency derivatives platform. The Block writes this in a recently published article.
Tassat, formerly known as True Digital Holdings, is a New York-based startup. The company plans to launch “a fully regulated” cryptocurrency derivatives platform in the United States with physically-settled bitcoin swaps and other products.
The CFTC has approved the transfer of the SEF registration from trueEX LLC to Tassat. Four months ago, the two companies agreed on the transfer of registration. Tassat will now be able to compete for other platforms that issue such products as SeedCX and LedgerX. In response to The Block, Tassat’s CEO, Thomas Kim, said:
Tassat has been working with market participants to design and develop our contracts for quite some time as a core tenet of how we will continue to release new financial products – in partnership with the very participants who intend to trade. As a result, we have a set of execution workflows in the pipeline that we expect will drive adoption over our competitors.
Tassat has not yet announced when it will launch the products. However, the company states that it is currently “active institutional participants on board “.
In October the chairman of the CFTC, Heath Tarbert, said he expects that ether (ETH) futures contracts will appear in 2020. Tarbert then said that there are already a number of exchanges who want to submit an application for such a product, with which he may also have referred to Tassat.