Anchorage Digital Seeks CFTC Swap Dealer Registration to Expand Crypto Options

According to ChainCatcher, Anchorage Digital has applied to register as a swap dealer with the U.S. Commodity Futures Trading Commission (CFTC), seeking to expand its institutional crypto options business. Anchorage Digital Swap Dealer, LLC submitted the application to the National Futures Association, which is reviewing it. CEO and co-founder Nathan McCauley gave no expected completion date and said the company would share updates in due course. If approved, the entity plans to offer European-style options on Bitcoin and Ethereum with terms of up to one year, with additional products potentially following subject to internal approval and regulatory requirements. Registration would allow institutional clients to trade digital-asset derivatives with a CFTC-registered counterparty while using Anchorage Digital’s existing custody services. The company said growth in its current options business has mainly come from publicly listed companies holding Bitcoin and Ethereum on their balance sheets, as well as asset managers and funds using options to manage exposure. 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 swap dealer would be subject to CFTC capital, risk-management, and margin requirements under the same framework applied to banks in interest-rate, credit, and foreign-exchange markets. In March, Anchorage Digital added collateral-management features to its Atlas platform; last December, it acquired Securitize’s wealth-management business.