# Anchorage Digital Seeks CFTC Registration for Crypto Options Institutional crypto platform Anchorage Digital has filed an application to register a swap dealer with the Commodity Futures Trading Commission. The move signals Anchorage's expansion into regulated digital asset derivatives. The application was submitted to the National Futures Association through Anchorage Digital Swap Dealer, LLC according to a statement shared with The Block. Anchorage now waits while the NFA reviews its application. CEO Nathan McCauley offered no estimate when the process might finish. He told The Block, "We aren't in a position to speculate on timing." If approved, Anchorage Digital Swap Dealer plans to offer European-style options on bitcoin and ether with maturities ranging up to one year. The firm intends to add more products later, subject to regulatory approval. Once registration completes, institutional clients can trade digital asset derivatives with a CFTC-registered counterparty alongside Anchorage's custody services.
Anchorage's Existing Options Business
Much of Anchorage's existing options business growth came from public companies holding bitcoin and ether on their balance sheets. Asset managers and funds using options to manage exposure also contributed. McCauley would not disclose specific trading volumes or growth figures when asked by The Block.
He declined to explain how Anchorage previously arranged options trades for clients. When asked about the strategy, McCauley said, "What we can say is that institutional demand for regulated access to digital asset derivatives continues to grow, and establishing a dedicated swap dealer entity is part of how we're building the infrastructure to meet it."
CFTC Registration Requirements
The swap dealer entity would face CFTC requirements for capital, risk management, and margin. The firm uses the same framework the Dodd-Frank Act applied to banks for interest rate, credit, and FX markets.
McCauley said, "It will bring our options business under the same federal framework as the dealers they already face." 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.
Market Context
Bitcoin, Ether ETFs drew $128M as crypto rebounds after midterms. Bitcoin ETFs attracted $74.6M while Ether ETFs added $53M according to SoSoValue data. BlackRock's IBIT shed $201M, extending its outflow streak.
Fidelity's FBTC led inflows with $237M. Bitcoin reclaimed $80,000 after midterm election results. US stocks rallied following Democrats' midterm victories.
Bitcoin ETFs snapped three consecutive trading sessions of outflows totaling $1.16B. Ether ETFs snapped a seven-day outflow streak of $657M.
Why This Matters
The CFTC registration represents Anchorage's commitment to building regulated infrastructure for institutional crypto derivatives. If approved, Anchorage will offer European-style options with maturities up to one year. This expands regulated access for institutional clients beyond custody services.
The move comes as institutional demand for digital asset derivatives grows. Anchorage's previous options business benefited from public companies holding crypto on balance sheets. The CFTC registration completes their regulatory framework for options trading.
Timeline and Next Steps
Anchorage is awaiting NFA review of its application. CEO Nathan McCauley offered no timeline for completion when asked. The company will share updates as appropriate.
McCauley told The Block, "We aren't in a position to speculate on timing." If approved, Anchorage Digital Swap Dealer plans to launch European-style bitcoin and ether options. The firm will add more products later, subject to regulatory approval and internal processes.