Cryptocurrencies
Wall Street Traditionalists Spar With FTX Over Crypto Derivatives
- Exchanges push back on crypto proposal at CFTC roundtable
- Agency weighing bid to use algorithms to clear margin trades
The FTX booth at the Blockchain Week Summit in Paris, France.
Photographer: Benjamin Girette/BloombergThis article is for subscribers only.
Wall Street exchanges and other firms zeroed in on their objection to a proposal US regulators are considering that would allow retail investors to trade crypto derivatives directly on a popular digital asset platform.
The plan -- from crypto firm FTX -- would take banks and other financial intermediaries out of Bitcoin and Ether futures trades that use margin. At a roundtable on Wednesday hosted by the Commodity Futures Trading Commission, which is reviewing the proposal, executives from firms including CME Group Inc. and Intercontinental Exchange Inc. said the change could add risks to the market.