Aliens TLDR

The CFTC is busily working on FTX’s proposal to offer disintermediated crypto derivatives trading in the US.

While the proposal has been wracked by political controversy, the CFTC is clearly invested in it.

Despite pushback from some in traditional finance, FTX’s proposal is in the hands of the CFTC.

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.

But, as FTX CEO Samuel Bankman-Fried told The Block following the hearing: “In the end, what’s going to matter is the process of the commission and our application.” Barring concerted force majeure from Congress, the CFTC will make its own decision at its own pace.

Following seven hours of discussion, Chairman Rostin Behnam quipped in his closing remarks: “After two and a half years, we were reminded of the endurance it takes to stay in this room all day.” Behnam himself has defended the processing of the proposal and promoted the expansion of the CFTC’s role in crypto.