FTX Blowup Spurs Swaps Trade Group to Seek Framework for Crypto

The world’s leading swap trading group seeks to clarify the murky world of crypto derivatives after FTX plummeted into bankruptcy.

The International Swaps and Derivatives Association said on Thursday that it was releasing legal definitions covering non-deliverable futures and options on Bitcoin and Ether, with the possibility of adding other products later. The move aims to make it easier to set up digital asset derivative transactions using the benchmark ISDA master agreement, the group said.

“Recent crypto market failures have underscored the importance of having a clear and consistent contractual framework that spells out the rights…