{"id":452797,"date":"2022-05-26T00:38:42","date_gmt":"2022-05-25T21:38:42","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bankman-fried-faces-down-roomful-of-futures-industry-insiders-at-cftc-roundtable\/"},"modified":"2022-05-26T00:38:42","modified_gmt":"2022-05-25T21:38:42","slug":"bankman-fried-faces-down-roomful-of-futures-industry-insiders-at-cftc-roundtable","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bankman-fried-faces-down-roomful-of-futures-industry-insiders-at-cftc-roundtable\/","title":{"rendered":"# Bankman-Fried faces down roomful of futures industry insiders at CFTC roundtable"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a239b9fdf59f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a239b9fdf59f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bankman-fried-faces-down-roomful-of-futures-industry-insiders-at-cftc-roundtable\/#%E2%80%9D_Bankman-Fried_faces_down_roomful_of_futures_industry_insiders_at_CFTC_roundtable_%E2%80%9C\" >&#8221; Bankman-Fried faces down roomful of futures industry insiders at CFTC roundtable &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bankman-Fried_faces_down_roomful_of_futures_industry_insiders_at_CFTC_roundtable_%E2%80%9C\"><\/span>&#8221; Bankman-Fried faces down roomful of futures industry insiders at CFTC roundtable &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvNTljYjQ4NmYtZDVlYy00MzkwLTg1NjYtZWE3NzE5NThjYTEzLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>FTX CEO Sam Bankman-Fried did a lot of talking at the United States Commodity Futures Trading Commission (CFTC) staff roundtable on non-inter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tion Wednesday. He <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wirestream.tv\/customer\/cftc\/2022\/05-25\/\">fielded<\/a> questions and issues from 31 industry professionals about the FTX.US <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lication to offer clearing of margined products, including crypto-based products, without a futures commission merchant (FCM) intermediary.\u00a0<\/p>\n<p>Many participants felt the need to mention their devotion to innovation and declared that they do not see the proposed new <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> as an \u201cus versus them\u201d 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.<\/p>\n<p>\u201cWe don\u2019t know what a crypto margin is,\u201d said Hilary Allen, Professor of Law at American University. Allison Lurton of the Futures Industry Association (FIA) emphasized that FCM regulations are prescriptive and not principles-based because of the merchants\u2019 \u201ccore position\u201d in the system, and many rules and regulations would have to be revised for the proposed non-intermediated trading system.<\/p>\n<p>Christine Parker of Coinbase said, \u201cWe don\u2019t really have a good view of what a retail trader in the crypto space [\u2026] would design in a market.\u201d Parker, commenting on the company\u2019s experience outside the U.S., said crypto trading does not follow the patterns of traditional commodities. She was one of several people who considered trading options abroad superior to those in the U.S.<\/p>\n<p>Several people also pointed out the ways in which the current system intentionally differs from the automated solution FTX is proposing. The framework for 24-hour clearing already exists, Lurton and others pointed out, but there are reasons not to use it. The proposed trading algorithm would have to respond go unexpected situations, Allen said, noting:<\/p>\n<blockquote><p>\u201cThat\u2019s not what algorithms do, [\u2026] that\u2019s what regulators are for.\u201d <\/p><\/blockquote>\n<p>Todd Phillips of the Center for American Progress suggested that the role of the CFTC is to make sure investment products are appropriate for consumers. Possible round-the-clock clearing \u201cisn\u2019t something we want our retail investors getting into,\u201d he said. Bankman-Fried took umbrage at this suggestion, calling it condescending and saying that \u201ca lot of people know more than the people in this room\u201d about margined trading. <\/p>\n<p>\u201cI was expecting something far more contentious,\u201d moderator Robert Steigerwald of the Federal Reserve Bank of Chicago said later in the six-and-a-half-hour session. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bankman-fried-faces-down-roomful-of-futures-industry-insiders-at-cftc-roundtable\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bankman-Fried faces down roomful of futures industry insiders at CFTC roundtable &#8220; 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,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":452798,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvNTljYjQ4NmYtZDVlYy00MzkwLTg1NjYtZWE3NzE5NThjYTEzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75422,75846,70934],"class_list":["post-452797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cftc","tag-futures","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/452797","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=452797"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/452797\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/452798"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=452797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=452797"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=452797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}