Posted March 07, 2020 09:27:40US regulators have approved Bitcoin futures contracts as soon in 2020 as it becomes possible, according to a draft order obtained by Reuters.
The order was made public on Wednesday, which indicates regulators are looking to approve the futures contracts in a timely manner, rather than a delay, Reuters reported.
While there is no firm timeline, Reuters said the order could be announced as early as Thursday, a day before the U.S. Securities and Exchange Commission approves the first Bitcoin futures trade.
The order could also be announced on Thursday, according the Reuters report.
The futures contracts could become the first regulated market for Bitcoin, Reuters added.
This is a first step towards the U,S.
regulating Bitcoin as a commodity and a currency.
According to Reuters, regulators were concerned that Bitcoin is not well understood in the United States, and some regulators were not clear about the legality of trading in Bitcoin.
It is also unclear if the Bitcoin futures will be sold on the open market, as bitcoin futures contracts have historically been sold on exchanges, according Reuters.
The US Treasury Department said the Bitcoin Futures Trading Commission, the regulator of Bitcoin futures, will issue a formal regulation on Bitcoin futures trading in 2020.
The Futures Commission will issue final regulations on Bitcoin Futuring in 2021.