The federally chartered crypto bank is moving its institutional derivatives desk under formal oversight: Anchorage Digital has applied to register as a swap dealer with the CFTC through a new entity, Anchorage Digital Swap Dealer, LLC. The National Futures Association is still reviewing the filing, and no approval timeline has been given.

If approved, Anchorage plans to offer European-style bitcoin and ether options with maturities of up to one year.

The firm already provides trading, margin and access to options and structured products through a separate subsidiary, Anchorage Hold, LLC. Swap dealer registration would add CFTC capital, risk management and reporting requirements on top of that activity.

For pension funds, asset managers and corporate treasuries, a registered counterparty can clear internal trading rules that an unregistered desk cannot. Anchorage Digital Bank became the first crypto firm to receive a federal OCC charter in January 2021.