The FTX executive wanted the Commodity Futures Trading Commission to oversee crypto. So did the CFTC’s boss, Rostin Behnam.
that “there are regulators who have deeply impressed me with their knowledge and thoughtfulness. The CFTC has … But most are overwhelmed.”The CFTC traces its history back to 1922, when the federal government began regulating grain futures. In 1975, it spun off from the Agriculture Department as an independent agency, and in the decades since, it has expanded its oversight from futures for staples such as wheat, metals and oil to more complex financial products.
executive soon tapped Wetjen to serve as the architect of his aggressive Washington agenda. And Bankman-Fried continued adding former CFTC officials to his roster as he sought to build his Washington muscle. In August 2021, he, another former CFTC commissioner, to the U.S.Behnam, for his part, has seen his profile rise alongside the CFTC’s over the last decade.
Little noticed by the public, the proposal provoked strong opinions in the financial world. In May, the CFTC invited industry players, supporters and detractors alike, to a special roundtable meeting.representatives of BlackRock, JP Morgan, Citi, Citadel, Goldman Sachs and CME. The meeting was titled “Staff Roundtable Discussion on Non-intermediation,” but it was clear to participants that the meeting was about the FTX proposal., showed that he could be imperious, too.
Four hours into the meeting, a consumer advocate and former FDIC attorney, Todd Phillips, hit a nerve, saying the proposal would allow large aggressive trading firms to prey on unsophisticated crypto traders.
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