Clearing members fear CFTC bending rules for crypto
Critics warn new framework for Bitnomial and LedgerX could undermine clearing integrity
Clearing market participants are alarmed by a double rulemaking issued by the US Commodity Futures Trading Commission at the end of last year, which they fear has bent the rules on clearing too far in an effort to accommodate the unconventional market structure of cryptocurrency trading.
The CFTC has shown itself “willing to weaken regulation to appease the crypto mavens”, says a former head of clearing at a futures commission merchant (FCM).
That view was shared by Democrat commissioner Christy
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