FTX Withdraws Big Plan to Overhaul How Crypto Derivatives Trade
- Proposal with the CFTC was controversial from the start
- Plan would have used algorithms to help clear trades
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FTX US Derivatives has withdrawn a controversial plan that was under consideration by Washington regulators to overhaul how Bitcoin and Ether futures trade, according to a person familiar with the matter.
The US Commodity Futures Trading Commission was weighing the proposal, which had drawn pushback from Wall Street giants. It would have had the firm execute every aspect of customers’ crypto derivatives trades on its own -- thus bypassing other exchanges, banks and financial intermediaries.