The hearing was always going to be bloody.
In opening statements, chairman David Scott called FTX’s new proposed clearing model an “emerging and worrisome threat.”
The proposed model would allow the removal of future commission merchants from its derivatives trading. FCMs are a critical but costly link in the current chain of risk mitigation in futures trading.
FTX’s proposal is, fundamentally, bringing that risk in-house by real-time settling and liquidation as well as an internal insurance fund.
It’s a big potential change — and one that has drawn a great deal of scrutiny.
When Scott called the House Agriculture Committee to hold today’s hearing at the end of March, it was already clear that FTX’s proposal was going to face a fight. This is despite how unusual it is for a single proposal before a regulator like the Commodity Futures Trading Commission to face its own congressional hearing.
The crypto spot markets have also been facing significant turb
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