Anchorage Digital seeks CFTC swap dealer registration for crypto options expansion

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Anchorage Digital CFTC registration

Highlights

Anchorage Digital has filed to register Anchorage Digital Swap Dealer, LLC as a swap dealer with the CFTC, aiming to offer European-style bitcoin and ether options with up to one-year maturities.
Institutional demand for regulated digital asset derivatives is rising, driven by public companies and asset managers seeking exposure management using options on Anchorage's platform.
Anchorage's swap dealer, if approved, will operate under CFTC Dodd-Frank frameworks and follows recent Atlas platform upgrades and the acquisition of Securitize's wealth management unit.

Registration plan for institutional options

As first reported by The Block, Anchorage Digital has filed an application to register as a swap dealer with the Commodity Futures Trading Commission through Anchorage Digital Swap Dealer, LLC, with the submission made to the National Futures Association, according to a company statement.

Anchorage is now awaiting registration while the NFA reviews the application. Chief executive and co-founder Nathan McCauley says the company is not in a position to estimate when that process might finish, but adds that it will share updates when appropriate.

If the application is approved, the entity expects to offer European-style options on bitcoin and ether, with maturities of up to one year. McCauley says the firm plans to add more products later, subject to its own approval process and regulatory requirements.

Once registration is complete, institutional clients would be able to trade digital asset derivatives with a CFTC-registered counterparty while also using Anchorage Digital's existing custody and related services.

Regulatory push and market demand

Anchorage says much of its current options business growth comes from public companies that hold bitcoin and ether on their balance sheets. The firm adds that asset managers and funds using options to manage exposure also support demand, although McCauley declines to disclose trading volumes or growth figures.

He says institutional demand for regulated access to digital asset derivatives continues to grow, and that creating a dedicated swap dealer entity is part of Anchorage's effort to build infrastructure for that market.

Anchorage Digital Bank, N.A. became the first federally chartered digital asset bank in 2021 and is regulated by the Office of the Comptroller of the Currency. The company says the swap dealer entity would be subject to CFTC requirements on capital, risk management and margin, using the same framework applied under the Dodd-Frank Act to banks in interest rate, credit and foreign exchange markets.

The filing adds to a broader expansion of federally regulated crypto services at Anchorage. In March, the company added collateral management to its Atlas platform, including 24/7 monitoring and automated margin calls for loans, derivatives and other institutional transactions, and in December it acquired Securitize's wealth management unit.

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