The meeting was first called in September to discuss whether or not the CFTC has jurisdiction over Bitcoin derivatives. The CFTC was joined by expert panelists including Coin Center's Jerry Brito, Law Professor Houman Shadab, TeraExchange's founder Leonard Nuara, and BitPay's Chief Compliance Officer Tim Byun. Together, the group discussed Bitcoin futures' future and all-in-all the tone of the meeting was positive, much like a recent Canadian Senate hearing featuring Andreas M. Antonopoulos.
When the meeting was first announced, the Bitcoin price was somewhat affected by the possibility of the CFTC raining down fire on existing Bitcoin derivatives exchanges that may or may not have all the proper regulatory, Know Your Customer, or Anti Money Laundering laws. TeraExchange, the first CFTC-approved Bitcoin derivative exchange, was able to explain to the CFTC that market data can be sifted through to weed out noise or manipulation.