LedgerX Places Executives on Leave Due to Public CFTC Woes

Meanwhile, it is still not clear why the board of directors made the decision to place both executives on administrative leave. Justice Chou, however, took to Twitter explaining that the board gave no actual reason for their departure;  except that they had long-lasting disagreements with the board concerning the direction, vision and missions of the enterprise. 

LedgerX Vs CFTC Controversy

Remember that in August the United States Commodity Futures Trading Commission (CFTC) allegedly claimed that LedgerX physically settled BTC futures derivative product was yet to be approved by the commission. The derivatives exchange stated on July 31 that its Bitcoin futures offering had already gone live on the Omni Trading Platform. 

On the other hand, the commission (CTFC) suggested that this was not going to happen. However, Derivatives specialist Thomas G Thompson suggested that at the time CFTC had not yet revealed any certified futures contracts. In fact, on that very day, Paul Chou posted on Twitter aiming to take a stance against the CFTC in several tweets. 

Fast forward to September, debates involving the CTFC was sparked by LedgerX claim;  that the agency’s former chair, one Christopher Giancarlo barred the approval of the amended Derivatives Clearing Organization Registration; due to personal issues of bias against LedgerX Executive Officer Paul Chou.  Justice Chou wrote on her Twitter concerning the issue than that:

“Previous chairman wanted to revoke LX license bc Bakkt efforts not moving along. Having no legitimate reason to revoke our license, staff resorted to contacting our independent auditors to tamper with audit to give commission reason to revoke license. Staff admitted & apologized”