Bakkt, the moon-shot bitcoin bet of trading behemoth Intercontinental Exchange (ICE), still can’t get approval from the U.S. Commodity Futures Trading Commission (CFTC). Many now believe its hopes depend on getting a much-hated BitLicense from New York. Are U.S. regulators trying to kill Bakkt? No. Congress makes the laws. If the laws suck, Congress is supposed to fix them. Regulators exist solely to make sure everybody follows the laws. In this case, the laws suck, but that’s not the CFTC’s fault.
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