Recall that Bakkt (pronounced backed), is a venture by the Intercontinental Exchange (ICE) to create a global platform and ecosystem for digital assets.

ICE is owner of the New York Stock Exchange (NYSE) and about 20 others, making it one of the largest exchange players in the world.

I last wrote about [Bakkt]( https://steemit.com/bitcoin/@g-dubs/coffee-with-your-crypto) in March, let’s see what’s new.

<center> https://s22.postimg.cc/hhglwnk1d/ice999.png </center>   

Bakkt is still waiting on CFTC approval regarding custody. But the rules aren’t designed for cryptocurrencies.

According to the rules Bakkt would need a third-party to deliver and store the underlying asset. While this works for corn and copper, it doesn’t for cryptocurrencies.

According to Bakkt, the CFTC is working with them to change the rules. But it’s obviously a slow process.

Bakkt is not sitting around. Per [Coindesk]( https://cointelegraph.com/news/bloomberg-institutional-crypto-trading-platform-bakkt-may-seek-new-york-bitlicense) Bakkt is considering acquiring a New York BitLicense to launch its bitcoin futures.

To that end ICE has acquired a crypto custodian service called Digital Asset Custody Company.

Through that acquisition the plan is for Bakkt to become a registered trust with the state of New York.

It’s frustrating to see such a great project held up by regulations.

Let’s hope these latest moves get Bakkt up and running.
_____________________________________________________
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