Breaking Through: Tassat’s Milestone Approval
New York’s financial frontier just got a little more exciting with Tassat’s recent triumph in the crypto world. Formerly known as trueDigital, Tassat has successfully cleared a significant regulatory hurdle by securing the endorsement of the U.S. Commodity Futures Trading Commission (CFTC). This is no small feat; the CFTC approving a swap execution facility (SEF) registration from fellow New Yorker trueEX marks Tassat’s shift toward launching a fully-regulated crypto derivatives exchange.
CFTC’s Green Light: What Does It Mean?
On November 7, the CFTC made the announcement that has crypto enthusiasts buzzing. According to the regulator, Tassat demonstrated its capability to operate within the bounds of the U.S. Commodity Exchange Act and relevant regulations. They even have the paperwork to prove it!
Currently, Tassat joins an exclusive club of 19 registered SEFs, including its trails blazed by trueEX since its registration on January 22, 2016.
What’s Next on the Agenda?
While Tassat celebrates this achievement, the company isn’t resting on its laurels. Its next target is acquiring the Designated Contract Market (DCM) registration from trueEX, which is vital for the exchange to handle futures and options contracts under CFTC oversight. The anticipation surrounding this acquisition has parallels to waiting for a new iPhone launch: there’s excitement, anxiety, and a chance for a life-changing upgrade.
Institutional Investors and Physically-Delivered BTC Derivatives
At the heart of Tassat’s future offerings will be physically-delivered Bitcoin (BTC) derivatives, aimed squarely at institutional investors. This isn’t just hopeful chatter; CEO Thomas Kim shared his vision back in July, indicating, “Adding the exchange to our ecosystem delivers a complete end-to-end offering, currently unavailable today…” He’s aiming to create a seamless experience that encompasses tokenization, payments, market data, and settlement. Sounds complex? It’s essentially the Swiss army knife for crypto transactions!
Tassat’s Partnerships and Industry Footprint
Let’s take a quick trip down memory lane. Earlier this year, when Tassat was still trueDigital, they partnered with crypto data firm Kaiko and digital assets analytics company Inca Digital Securities. This strategic alliance was aimed at enhancing the distribution of their over-the-counter reference rates for Bitcoin and Ethereum (ETH). The vibrant tapestry of partnerships reflects Tassat’s commitment to staying ahead and ensuring their offerings meet competitive standards.
Tassat’s journey is also a testament to the evolution of regulated crypto offerings. In 2012, TrueEx became a pioneer by securing a DCM registration for Bitcoin swaps, setting a precedent for what was to come. Summer 2023 also witnessed crypto exchanges like ErisX securing derivatives clearing organization licenses from the CFTC, paving the path for greater accessibility to digital asset futures trading.
