In the US, exchanges received permission to trade bitcoins

Two of the largest US exchanges have announced their intentions to trade Bitcoin, drawing regulators into a new ecosystem that many skeptics call a “hoax and a scam.” 



Many business leaders have expressed their desire to co-opt the volatile cryptocurrency and attract larger investors to the market, even though regulators have not yet come to a clear decision. Let us recall that earlier this year the US Securities and Exchange Commission (SEC) rejected the application of the Winklevoss brothers, who wanted to obtain the status of the first exchange-traded bitcoin fund for the Winklevoss Bitcoin Trust, which would have been able to achieve official approval from the regulator.

One of the largest Chicago exchanges, CME Group, announced the launch of this service on December 18. The same message was made by CME Group's main competitor, CBOE Global Markets. The second company, however, did not announce the launch date. Both companies received permission to conduct such activities after passing “self-certification” - a commitment to the US Futures Trading Commission that their products and services meet all required standards. This news provoked an even more rapid rise in the price of Bitcoin. This news has also attracted interest from Wall Street professionals who would like to invest in Bitcoin, but do not want to take risks since the market is not regulated by anyone. 


“Bitcoin is a currency unlike any we have dealt with before,” CFTC Chairman Chris Giancarlo said Friday. He also said that the regulator drew up the terms of the contract in such a way as to “protect customers and maintain order in the market.” According to the information sharing agreements between the two companies, the exchanges will monitor trading activity in the Bitcoin market, assess the risks of manipulation in the cryptocurrency market, and monitor and correct any interruptions and problems that may occur during trading.

Bitcoin emerged in 2008, immediately after the financial crisis. It was presented as a way to avoid government and central bank regulation. Now that Bitcoin is skyrocketing, all the top businessmen and brokers want to invest in it. However, they are afraid to start trading in a market that is not regulated by anyone. They need to know that it is regulated by someone, and that is exactly what CME Group and CBE Global Market Inc. are going to provide them.

The US Securities and Exchange Commission has not yet voiced a specific position on Bitcoin and the risks it poses.. Because of this, many financial experts could not predict how exactly the country's financial institutions would try to protect and regulate the market. In the US, there are the Securities Commission, the Internal Revenue Service and the Treasury Department, which monitor illegal transactions. According to Jeff Bandman, financial technology adviser to Chairman Giancarlo, cooperation between the CFTC and two major exchanges should strengthen regulation of the cryptocurrency market in the United States. 

On Thursday, U.S. Securities and Exchange Commission (ETF) Commissioner David Shillman said a strong bitcoin futures market will force regulators to reconsider their approach to open-end investment funds that want to engage in cryptocurrency. Many leading investors and their brokers are only attracted by the opportunity to operate in a market that is regulated by authorities and in which risks are minimized.

According to https://www.bloomberg.com