CME Clearing Member To Regulator: Bitcoin Futures ‘Impossible’

A clearing member of CME Group, the Bitcoin futures pioneer, has written to regulators expressing its “deep concern” ahead of next month’s launch.

In a letter reproduced online, Interactive Brokers Group Chairman Thomas Peterffy said that Bitcoin and cryptocurrencies have “no fundamental basis.”

“As a CME clearing member, we are deeply concerned with proposals that would allow Bitcoin and other cryptocurrency derivatives to be cleared in the same clearing organization as other products,” he wrote.

“There is no fundamental basis for valuation of Bitcoin or other cryptocurrencies and they may assume any price from one day to the next.”

CME’s decision to open up Bitcoin futures trading met with great applause last month, with Chairman Emeritus Leo Melamed telling the media he planned to “make Bitcoin not wild, nor wilder” through regulated access..

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