TeraExchange, a New Jersey-based investment service, has launched a derivative swap based on Bitcoin. In order to get approval from the Commodity Futures Trading Commission, the US federal agency that regulates financial trades like derivatives, TeraExchange had to wrestle back and forth with bureaucrats and red tape for half a year, taking all the necessary steps to become compliant with United States financial law.
TeraExchange has been having difficulties getting their Bitcoin swap approved due to a decision by the US Treasury, made last year, to classify Bitcoin exchangers as money transmitters. This classification put companies like TeraExchange under the control of the individual state governments, making it difficult to become compliant while only having receiving “fractured” responses from regulatory bureaucrats at the federal level.
http://www.coinfinance.com/news/us-regulators-approve-first-bitcoin-derivative-swap
