With FTX US Derivatives Still Standing, CFTC Chair Credits Its Oversight | CoinMarketCap

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With FTX US Derivatives Still Standing, CFTC Chair Credits Its Oversight | CoinMarketCap
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The one FTX company that remains solvent is the U.S. derivatives exchange formerly known as LedgerX, which came already regulated 💁‍♀️

As consensus comes that clear and firm regulation of cryptocurrencies are needed more than ever in the wake of the collapse of Sam Bankman-Fried’s FTX exchange empire, one piece of it remains standing.

His agency has been in daily contact with FTX US Derivatives and its custodial operations, in order “to ensure member property is where it’s supposed to be.” Benham said “We’re pleased with where we are. A lot remains to be seen over the next couple of days, weeks and months, but we’re being, certainly, vigilant.”

Clearinghouses have a key role in the futures and derivatives industry, acting as a neutral third party whose functions include validating and finalizing transactions, settling trading accounts, delivering assets to new owners and collecting margin payments — ensuring both parties meet their obligations under the contract.

A long shot at best, with Bankman-Fried’s credibility nonexistent, the proposal is now distinctly dead, and not just because the company withdrew it.More broadly, Congressional crypto-skeptic advocates of tougher regulation, focusing more heavily on consumer protection than the lighter-handed innovation-friendly, are in ascendance for the moment.

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