Comment Text:
This comment pertains to the possibility of Bitcoin falling under the jurisdiction of the CFTC:
We are currently allowed to trade futures on Bitcoin but the product has some flaws.
1) For one, the size of the approved Bitcoin contract is staggering for smaller traders, especially during upswings. I think the time has come to have competing products as well as mini and or micro sized offerings to better serve the trading community.
2) Since Bitcoin proper (not futures) may also come under the jurisdiction of CFTC, it's clear that changes in the types of futures contracts and options offered should be upgraded to be traded 24/7. Remember Bitcoin never sleeps! Interestingly many of the existing unregulated exchanges offer products with this very capability. It may be time to scrap the 5 day trading sessions restriction for Bitcoin futures, and while you're at it, what about the rest of the futures and futures options industry? First, I think that many of the existing unregulated platforms for Bitcoin contracts should be allowed to be legitimized. Second, why not take a good look at the creaky old regulated platforms (metals, ags, softs, financials) and allow them to innovate and offer 24/7 trading to the whole trading community?
I know this is asking a lot, but this is also a time of intense innovation. Any organization who fails to keep up with the times, risks becoming irrelevant.
