Bitcoin futures rebel by Wall Street banks

Wall Street banks own raised objections to the introduction of bitcoin futures trading, highlighting fears that the financial system can’t cope with the cryptocurrency’s volatile selling price swings.

Bitcoin has rocketed higher Thursday, crossing the $15,000 mark less than 48 time after topping $12,000.

The U.K.’s Financial Situations has reported that a letter from the Futures Industry Association, which counts the world’s biggest banks among its people, is usually to be sent Thursday to the Commodity Futures Trading Commission in the U.S.

The letter reportedly criticizes the introduction of bitcoin futures and states that the Chicago exchanges, CME Group and CBOE Global Marketplaces, should not be permitted to launch bitcoin futures less than a self-certifying regime.

The FT reported that a draft version seen by the newspaper said proposed rules for bitcoin futures trading do “not align with potential risks that underlie their trading.”

CBOE Global Marketplaces is due to launch it is bitcoin futures exchange on Sunday. The CME group is due to launch its variation on December 17.

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