Anchorage Digital Wants Its Name in the CFTC’s Swap Dealer Circle After $8B Rush

Anchorage Digital has applied for CFTC swap dealer registration through the National Futures Association after its crypto derivatives business exceeded $8 billion in annual swap dealing volume.

The company said growth in its options business has been driven by public companies holding Bitcoin and Ethereum, as well as asset managers and investment funds seeking to manage their crypto exposure. Institutional clients have also requested regulated US counterparties that can work within their established legal, margin and reporting frameworks.

Anchorage Digital CEO Nathan McCauley said institutions want “a counterparty they can underwrite” and trading arrangements consistent with their existing risk management practices.

Under NFA rules, a firm is considered a swap dealer if it conducts gross notional swap dealing trades exceeding $8 billion during a 12-month period. Anchorage Digital already operates Anchorage Digital Bank, which is chartered and regulated by the Office of the Comptroller of the Currency under federal law.

The registration application comes as institutional demand for regulated crypto options expands. Galaxy Digital also recently announced that it operates a CFTC-registered swap dealer subsidiary while pursuing a national trust bank charter.