Despite pushback from some in traditional finance, FTX’s proposal is in the hands of the CFTC. That’s good news for the crypto exchange.
Yesterday, the Commodity Futures Trading Commission hosted a roundtable discussion on disintermediation, largely prompted by a much-discussed proposal from FTX, though the commission emphasizes that other proposal also aim to disintermediate clearing.
There’s been plenty of criticism of FTX’s proposal. Some have said it puts too many eggs in one basket when it comes to risk along the chain of settlement, rendering it vulnerable to market volatility. Some fear that it will go too soon into markets for physical commodities, which often settle physically, requiring shipment logistics rather than a motion from one digital wallet to another.
Other critics simply don’t want US retail investors touching leverage — or, ultimately, investing in crypto at all.
Wednesday’s roundtable saw all of those arguments play out in the open. But, as
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