Crypto Shorts Daily News Bulletin

FTXs CFTC proposal faces Congressional grilling, attacks from CME

Mohak Agarwal

– FTX’s proposed clearing model would allow the removal of future commission merchants from its derivatives trading.
– This would bring the risk in-house by real-time settling and liquidation as well as an internal insurance fund.
– The proposal has drawn a great deal of scrutiny from the House Agriculture Committee.
– CME Group CEO Terence Duffy lambasted what he called FTX’s “false claims of innovation that are little more than cost-cutting regimes.”
– FTX’s primary mission during the hearing seemed to be to keep cool and defer to the CFTC.
– The CFTC has been quietly moving the proposal forward, as it has been more broadly pushing for greater authority over crypto as well as a much-expanded budget to account for its work in this arena.

 

 

20211208 Capitol Congress Regulation FTXs CFTC proposal faces Congressional grilling, attacks from CME
FTXs CFTC proposal faces Congressional grilling, attacks from CME 2
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