The CFTC has extended the time for the public to comment on FTX US Derivatives’ (previously known as LedgerX) requests to revise its registration attempts to sell derivatives services.
In late 2021, Ledger Holdings, the parent business of LedgerX, a regulated digital asset derivatives platform, was purchased by FTX US, the American branch of the worldwide crypto exchange.
This coincided with FTX US’s aspirations to establish crypto derivatives services in the United States, and the acquisition of LedgerX allowed it to take advantage of the latter’s Derivatives Clearing Organization (DCO) license.
Shortly after, the exchange submitted filings with the CFTC. Of course, requesting clearance for its somewhat unusual recommendations. That’s, on how to provide derivatives services, which it intended to merge with its spot trading platform.
In early March, the Commission announced a 30-day public comment process, allowing the public to weigh in on the issue.
However, FTX US requested and received an extension of that period, which the CFTC granted on March 24. As a result, the general public has until May 11 to submit their feedback.
“FTX currently offers clearing of futures and options on futures contracts on a fully collateralized”
” basis directly to retail participants (non-intermediated model).”
“In its request for an amended order of registration,”
“FTX proposes to clear margined products for retail participants while”
“continuing with a non-intermediated model.” –
So, reads CFTC’s statement.
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