The Commodity Futures Trading Commission is seeking comments on the application of LedgerX, LLC for registration as a swap execution facility and a derivatives clearing organization in order to list and clear fully collateralized, physically settled options on Bitcoin—a type of virtual currency. As proposed, all of LedgerX’s participants will solely be self-clearing members that qualify as so-called “eligible contract participants.” No intermediated clearing through a futures commission merchant will be permitted. Before any order of a participant is effectuated, the participant must have all necessary funds in an approved depository account or collateral in the form of the commodity underlying the contract in an account controlled by LedgerX—presumably Bitcoin. Initially, LedgerX does not propose to accept deposits in the form of US government securities, foreign currency, checks or monetary instruments in its settlement bank accounts, but may do so in the future. Among the ultimate owners of LedgerX are Google Ventures 2014, LLP, Lightspeed Venture Partners IX, LP, Paul Chou (also chief executive officer), Juthica Chou, Ethan Rigel, Zach Dexter and James Newsome, former chairman of the CFTC. Comments are due by January 30, 2015.