Terry Duffy’s promising bitcoin futures platform

Terrence A. Duffy, CME Group Chairman and CEO, has told about the project of his company to Bloomberg, and we might have just witnessed the first signs of merge of the traditional, “big” market, and the cryptocurrency market.

In his statements, Mr. Duffy constantly reminded about the lack of regulation on the market that cryptocurrency traders currently use, and he implied that his platform would drastically change this, as it will have all means of risk control, clearing, audit, so that the market becomes more reliable. He added that the United States Commodity Futures Trading Commission would closely observe this enterprise and since the first stages of development, CME Group made sure the government is not against this trading platform.

When asked about cryptocurrency forks and how to determine which Bitcoin is real after them, Terry Duffy made clear his company is aware of this issue but provided no further clear comment on the matter, implying, however, that the SegWit2x situation would be monitored.

The CEO of CME Group has taken an interesting position regarding Jamie Dimon’s infamous “Bitcoin is a fraud” statement. As Duffy reminded, Mr. Dimon was talking about the existing situation on the cryptocurrency market and not about the environment where everything is regulated as in every other respected financial organization, thus hinting that his project is outside of Dimon’s view. While Terrence Duffy has seen many bubbles in more than 30 years of his business career, during the interview, overall, he seemed to be in disagreement with the popular concept about cryptocurrencies being a bubble.

Chances are high that soon we will see the rivals emerging, and this will increase the reputation of cryptocurrency among traditionalists like never before, while also partly solving one of the biggest issues the market had so far – consumer protection. Those who want it will work with companies and platforms similar to the one CME Group is currently developing and promises to release by the end of this year.