CFTC (Commodities Futures Trading Commission), the primary regulator of LedgerX have favoured them over Bakkt. Bakkt is the legacy rival of LedgerX, which is the Chicago-based crypto-native firm.

Michael Short, the CFTC spokesman, stated the agency “treats all registered entities equally.”

Paul Chou, CEO of LedgerX, has been tweeting serially about how the CFTC broke promises to make backroom dealings.

Recently, LedgerX thought that the CFTC had given them the required clearance to roll out their derivatives; however, CFTC stated, “The firm didn’t have the green light to launch physically delivered bitcoin futures.”

The bias of Christopher Giancarlo, the former CFTC chairman, is cited to be the reason behind the firm’s delays. 

There was no approval or denial from the commission for over 180 days from the time of the submission. 

It has been stated in a letter thus:  “We have strong reason to believe that this unreasonable delay is in clear violation of the Commodity Exchange Act is related to the Chairman’s animus towards a blog post written by our CEO.”

Short recently stated about how the erratic behaviour of Paul had the potential to distract from major issues. However, when it was questioned about whether the erratic behaviour would affect the approval, the reply was a prompt, “NO.”

The Libra Association is on talks with the EU regulators.  Discussions are ongoing about how Libra can work with the regulators.  Libra has garnered scrutiny from across Europe and North America.  France and Germany are pledging to block the Libra from Europe.

Perez stated, “What is important is that we need to comply with the regulators, and we need to make sure that they are on board with us and fully comfortable with our solutions.”

The Libra association is ramping up their operations, and they will be hiring over the next two quarters providing for compliance and technological development.

Despite a series of security laws, there is a lot of debate about how digital assets should be treated.  There is a continuous debate on whether the XRP is a security.

The Security criteria are based on the Howey Test.  The SEC stated, “the first prong of the Howey test is typically satisfied in an offer and sale of a digital asset because the digital asset is purchased or otherwise acquired in exchange for value.”

During April, the SEC published “Framework for Investment Contract Analysis of Digital Assets.”  There is a pending class-action suit on Ripple might provide the most needed answer to the question that is confusing the digital ecosystem on whether the digital asset is security?