Chicago-based CME Group is going to offer SOL and ADA futures to customers once the price index and regulatory issues are resolved.
Payal Shah, CEO of North America’s largest financial derivatives exchange, said at the CryptoCompare Digital Assets Summit in London that the company is considering futures contracts for altcoins, including Solana (SOL) and Cardano (ADA).
“We are watching the altcoin market and are getting requests from clients for something other than Bitcoin and ether – including Solana, Cardano”, the CME Group head said.
The launch of altcoin futures will depend on the resolution of issues related to price indexes and regulation, Payal Shah clarified. According to the head of the trading floor, the bitcoin and ether futures placed on the CME depend on indices based on price data from five exchanges:
“In terms of other coins besides Bitcoin and ether, we first need an index or the ability to create an index”.
The CME Group CEO insists that an important obstacle the crypto industry now faces is the lack of regulatory certainty with altcoins in the United States. “We just need to know where to send the paperwork”, Shah says, referring to the lack of clarity as to which U.S. regulatory agency will have jurisdiction over altcoin-related instruments.
Chicago-based derivatives exchange CME Group announced not long ago that it would introduce to traders the ability to trade options on microbitcoin and microether futures contracts. The site launched trading in ETH futures in 2021. The launch of ETH futures was announced back in mid-December 2020. Recall that in 2017 CME Group opened trading in Bitcoin futures.