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In a Dec. 6 open letter to CFTC chairman Christopher Giancarlo, FIA CEO and President Walt Lukken outlined concerns with the process in which cryptocurrency futures have come to market.
In a Dec. 6 open letter to CFTC chairman Christopher Giancarlo,
FIA CEO and President Walt Lukken outlined concerns with the
process in which cryptocurrency futures have come to market. The
letter came in response to recent announcements by CFTC-regulated
exchanges and clearinghouses to self-certify certain futures and
options contracts on cryptocurrencies. While reiterating its
"firm supporters of innovation and competition in
markets," the FIA CEO said the organization believes the
launch of exchange-traded derivatives in cryptocurrencies warrants
a "healthy dialogue between regulators, exchanges,
clearinghouses and the clearing firms who will be absorbing the
risk of these volatile, emerging instruments during a
default," which he added was not possible through the
launching of these products through the one-day self-certification
process. This process, which does not require CFTC approval,
"does not align with the potential risks that underlie their
trading and should be reviewed," Lukken wrote.
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