The U.S. Commodity Futures Trading Commission (CFTC) has granted Google Ventures-backed bitcoin options service LedgerX the status of a swap execution facility (SEF).

Last week, the U.S. regulator issued an Order of Registration for the Delaware-based institutional derivatives exchange platform for digital currencies. The CFTC registration makes LedgerX “the first federally regulated bitcoin options exchange and clearing house to list and clear fully-collateralized, physically-settled bitcoin options for the institutional market.”

SEFs are platforms that provides pre-trade information like bid and offer prices and a mechanism for executing swap transactions. These facilities operate under the CFTC’s regulatory oversight for swap trading.

After reviewing LedgerX’s application, which was first submitted in January 2017, CFTC said it “has determined” the company has complied with the necessary regulations.