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Tassat Regains CFTC ‘No-Action’ Relief Ahead of Eventual Bitcoin Swaps Contract Listing

Written by:
Aeon Flux
Published on:
16 September 2020
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Sep 15, 2020 at 20:32 UTCUpdated Sep 15, 2020 at 20:49 UTC

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Tassat Derivatives plans to list a bitcoin swaps contract in late 2020 despite a bevy of delays that caused the swaps execution facility (SEF) to temporarily fall out of regulators’ good graces.

  • The Commodity Futures Trading Commission (CFTC) on Tuesday reinstated Tassat’s no-action relief it had first acquired after last November’s CFTC-approved SEF registration transfer with trueEX.
  • Tassat lost that status on Aug. 1 due to dormancy regulations that require SEFs to trade at least once every 12 months, according to a CFTC letter.
  • Since trueEX last traded on July 19, 2019, and Tassat did not list its product – or execute any trades – in the ensuing year, Tassat lost its no-action relief status and had to ask for it back.
  • Tassat blamed the holdup on “internal and external delays” in its CFTC request. Among them: leadership changes at the regulator, an executive exodus at Tassat (the company’s then-CEO departed in March), COVID-19 onboarding troubles and other pandemic-related pains.
  • “Tassat states, despite the delays, it has not stopped working on, and preparing for, the launch of its bitcoin swap contract,” the CFTC said in the letter reinstating the no-action.
  • It was unclear whether the swaps launch is imminent. The CFTC letter stated Tassat anticipates a Q3 launch, but an accompanying press release slated the listing for Q4.

Read more about…

CFTCRegulationTassatBitcoin Derivatives

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