Federal Register - September 9, 2021
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Source: Federal Register
have to re-solve all of the old blocks sought to be regenerated and be able to continuously add new blocks to the Blockchain at a speed that would have to outpace that of all of the other miners on the Bitcoin Network, who would be continuously solving for and adding new blocks to the Blockchain. There are no known reports of malicious parties taking control of the Bitcoin Network or undoing past transactions in a block recorded on the Blockchain.
double-spending. The layered confirmation process makes changing historical blocks and reversing transactions exponentially more difficult the further back one goes in the Blockchain.
To undo past transactions in a block recorded on the Blockchain, a malicious actor would have to exert tremendous computer power in re-solving each block in the Blockchain starting with and after the target block and broadcasting all such blocks to the Bitcoin Network. The Bitcoin Network is generally programmed to consider the longest Blockchain containing solved and valid blocks to be the most accurate Blockchain. In order to undo multiple layers of confirmation and alter the Blockchain, the malicious actor would
Bitcoin Futures The CME began offering trading in Bitcoin Futures in 2017. Each contract represents five bitcoin and is based on the CME CF Bitcoin Reference Rate the CME CF BRR.8 The contracts trade and settle like other cash-settled
8 According to CME, the CME CF Bitcoin Reference Rate aggregates the trade flow of major bitcoin spot exchanges during a specific calculation window into a once-a-day reference rate of the U.S.
dollar price of bitcoin. Calculation rules are geared toward maximum transparency and real-time
replicability in underlying spot markets, including Bitstamp, Coinbase, Gemini, itBit, and Kraken. For additional information, refer to https
www.cmegroup.com/trading/cryptocurrencyindices/cf-bitcoin-reference-rate.html?redirect=/
trading/cf-bitcoin-reference-rate.html.
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commodity futures contracts. Nearly every measurable metric related to CME
Bitcoin Futures has trended consistently up since launch and/or accelerated upward in the past year.9 For example, there was approximately $2.7 billion in trading in Bitcoin Futures in March 2021 compared to $118 million, $70
million, and $262 million in total trading in March 2018, March 2019 and March 2020, respectively. Bitcoin Futures traded over $63 billion in notional amount on the CME in March 2021 and represented $2.5 billion in average daily open interest compared to $151 million in March 2020. This general upward trend in trading volume and open interest is captured in the following chart:
9 The recent launch of a bitcoin futures-based mutual fund from ProShares, the Bitcoin Strategy ProFund BTCFX, has increased approximately 14% since its July launch.
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Federal Register / Vol. 86, No. 172 / Thursday, September 9, 2021 / Notices
