FTX CEO Sam Bankman-Fried did a lot of talking at the United States Commodity Futures Trading Commission staff roundtable on non-intermediation Wednesday. Hequestions 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 intermediary.
“We don’t know what a crypto margin is,” said Hilary Allen, Professor of Law at American University. Allison Lurton of the Futures Industry Association emphasized that FCM regulations are prescriptive and not principles-based because of the merchants’ “core position” in the system, and many rules and regulations would have to be revised for the proposed non-intermediated trading system.
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