https://bitcoinnews.com/lawyer-claims-bakkt-can-bypass-approval-for-physical-bitcoin-futures/"The reason the Bakkt physical Bitcoin futures are important is that they would allow institutional investors to buy Bitcoin in a safe and regulated way on major stock trading platforms. The futures settle the same day and investors receive actual Bitcoin in their accounts, unlike the cash settled futures in Chicago. Market demand for the physical Bitcoin futures is expected increase demand on Bitcoin spot markets, which could possibly lead to a major Bitcoin price increase."
More or less the article seems to be saying that BAKKT is proceeding without complete regulatory approval because BAKKT is of the tentative believe that it does not need regulatory approval based on its plan to 100% back any BTC that are put into the daily bets and settled at the end of each day.