FTX.US and Coinbase Join ISDA: Creating Best Standards for Crypto Markets

The Financial Times reported on Tuesday (12/14) that ISDA, an international exchange and commodities body, is developing standards and products for commodities related to the cryptocurrency industry. These models cover hidden risks including hacks, pitchforks and airdrops from the pitchfork. The completion of these models will continue the popularity of digital devices for businesses.

The ISDA Master Agreement is widely used as a legal framework for trading in global bond, equity and currency markets. In the rare event that unforeseen circumstances affect the value of the goods, business partners often comply with the contract and change the terms of the contract.

The International Swapand Derivatives Association (ISDA) was established in 1985 to promote commercial derivative products. ISDA has established pre-standard agreements to take into account the legal risk of the product, and after the completion of the contract, the completion of the entry into A large contract does not have to be done, because the candidate only has to discuss the business on the basis of the terms. of the contract. a.

ISDA CEO Scott O'Malia said the design and content of digital derivatives will be based on financial markets or traditional retailers.

"We need to respect crypto assets and make them stand alone, redefining and creating a legal context."

As the cryptocurrency market grows in popularity, ISDA has announced that it will formalize its cryptocurrency process by the end of September and published an article titled "Initiatives for Asset Standards cryptographic ”. According to data from CryptoCompare, the number of openings of futures contracts on Bitcoin and Ethereum in the future reached $ 4.3 billion and $ 1.2 billion, according to, last month, respectively, with the market current derivatives, which represents 55% of the cryptocurrency market.

FTX.US and Coinbase join ISDA

Following this model, Coinbase and FTX.US exchanges joined ISDA last week to become affiliates. The organization currently has around 960 members and from all over the world. There are three types of members: primary (most banks fall into this category), affiliates (professionals) and consumers (financial management, security).

This decision did not surprise the market. Coinbase's core business is now a business, but to address the derivative shortfall it submitted a list to the National Futures Association (NFA) in September and applied for a franchise with the Futures Commission.

And FTX.US has completed the acquisition of LedgerX and obtained our CFTC (Commodity Futures Trading Commission) compliance with licenses issued by LedgerX, including DCM, DCO and SEF licenses.

The two exchanges did not refer to the organization of the members.

Sam Bankman-Fried, founder of FTX, said on Twitter that he will continue to market derivatives, looking forward to working alone with ISDA and Scott O'Malia.

"We look forward to working with ISDA and CEO Scott O'Malia and continuing to establish crypto derivatives in the United States and globally."