It is not uncommon for cryptocurrency service providers to undergo a change in management. In the case of LedgerX, that change is seemingly enforced following a meeting with the CFTC.
US Regulators have been clamping down on cryptocurrency companies for some time now.
Interesting Changes Take Place at LedgerX
LedgerX has not been able to escape this scrutiny, and it forces the company to make some major changes.
Both the CEO and COO of the company are currently on “leave”.
While that is not abnormal, it doesn’t happen often the founders of a project are no longer in charge.
Larry E. Thompson is now the interim CEO of Ledger X and parent company Ledger Holdings’ lead director.
Although LedgerX is providing legitimate products, the CFTC still has some parts they want to see cleared up.
Providing bitcoin derivatives products to institutional traders has been a lucrative business model to explore.
However, the company is working with the CFTC to effectively launch physically-settled bitcoin futures.
There have been some rumors as to how former CFTC Chairman Christopher Giancarlo openly opposes everything LedgerX is trying to do.
This alleged kerfuffle dates back to a blog post written by CEO Paul Chou, who is now on administrative leave.
This change in management will seemingly not affect the way the company operates.
They will remain committed to the cryptocurrency ecosystem and provider their existing services without hindrance.