The US Commodity Futures Trading Commission (CFTC) will allow New York-based Fintech Tassat to continue bitcoin swap contracts despite failing to meet its legislative sessions.
According to a September 15 statement from the CFTC Market Surveillance Department (DMO), the regulator prevented Tassat from launching an exchange facility (SEF) within three months, even after 12 consecutive months of renewal of registration and inactive trading. It will not be the fourth year of 2020. The DMO stated:
The DMO does not recommend the CFTC to take action against Tassat for not renewing its SEF. This decision by the regulator will result in the listing of Bitcoin Swap (BTC) contracts and their users on Tassat.
Tassat was unable to conduct its exchanges until its decision on August 1, when the regulator described the company as "dormant" after deciding to become a cryptocurrency exchange in November. Tassat has reportedly claimed that the mistake was caused by an outbreak of the Corona virus and is seeking exemption from re-registering its status as a SEF. The CFTC decision helps Tassat re-register the requirements and brings it closer to setting up a cryptocurrency exchange with close oversight. Fintech is reportedly hoping to resume physical delivery of BTC derivatives to institutional investors in the fourth quarter of 2020.