Bankman-Fried faces down roomful of futures industry insiders at CFTC roundtable
2022.05.26 02:31
Bankman-Fried faces down roomful of futures industry insiders at CFTC roundtable
FTX CEO Sam Bankman-Fried did a lot of talking at the United States Commodity Futures Trading Commission (CFTC) staff roundtable on non-intermediation Wednesday. He fielded questions and issues from 31 industry professionals about the FTX.US application to offer clearing of margined products, including crypto-based products, without a futures commission merchant (FCM) intermediary.
Many participants felt the need to mention their devotion to innovation and declared that they do not see the proposed new technology as an “us versus them” situation. Joe Cisewski of Pantera Capital said that just six or eight clearing houses dominate the market at present, so new competition would not be out of place. Like many others present, he saw the need for more regulatory framework for this new trading model.
