Ethereum futures near with TD Ameritrade investment
Financial services company, TD Ameritrade may be gearing up to launch Ethereum futures. TD Ameritrade has announced an investment in ErisX, a new exchange for digital asset investors. This added exchange could be utilized by TD Ameritrade to offer clients access to Ethereum futures.
“It could open up additional cryptocurrency products on the future and spot side that our clients could potentially trade,”
–J.B. Mackenzie, TD Ameritrade’s managing director of futures and foreign exchange, told Reuters.
As regulations continue to take shape and the crypto market levels off, Ethereum futures could be the added fuel needed to return to a bull market. CBOE has already announced they are close to releasing Ethereum futures. CBOE is the same exchange behind the first Bitcoin futures. According to Business Insider, the product may launch by the end of 2018.
“The futures and options exchange is waiting on the Commodities Futures Trading Commission to get comfortable with the product before its official launch.”
This news comes at the same time that the CFTC has ruled virtual currencies are commodities. The CFTC continues to have an increasingly positive view on the future of cryptocurrencies.
Furthermore, the SEC’s director of corporate finance, William Hinman, has said that based on his understanding, “Current offers and sales of ether are not securities transactions.”
In the longer term it seems that TD Ameritrade would like to include more cryptocurrency futures beyond Bitcoin and Ethereum. The ultimate goal is easy of use and access to more digital currency products for retail clients. Steve Quirk, executive vice president of Trading & Education at TD Ameritrade has stated in a press release:
“Our retail clients are looking to access and trade digital currency products in the same way they do with traditional capital markets – through a legitimate, regulated and transparent exchange. That’s precisely why we chose to invest in ErisX – to make digital currency products more accessible to retail clients.”