FTX Wants to Compete With CME — Here’s Why It’s a Big Deal – Ep.346

Chris Perkins, president of CoinFund, a web3 investment firm, discusses his experience at the Crypto Bahamas conference before diving into an FTX.US proposal that would allow for direct trading of crypto derivatives in the US – which appears to be rocking the boat of certain regulators in D.C. Show topics:

• Chris’s two biggest takeaways from his Crypto Bahamas experience
• how Chris’s experience at Lehman Brothers and Citi prepared him for crypto 
• what issues arise via the plumbing of traditional financial markets
• why centralized intermediaries make derivatives trading efficient
• what FTX.US is proposing and how it could be a boon for retail traders
• how crypto settlement would work compared to the current batch trading method
• why the acquisition of LedgerX enabled FTX.US to make this proposal
• what license FTX.US feels like it no longer needs since it can settle derivative transactions on a blockchain
• whether FTX.US would expand to other derivatives and what that might do to an entity like CME
• what Chris is listening for in the CFTC’s public discussion surrounding FTX.US’s proposal 
• whether FTX.US’s proposal will be a partisan issue

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Episode Links

Chris Perkins

• LinkedIn: 
• • ​​https://www.linkedin.com/in/christopher-perkins-092569a/
• Twitter: 
• • https://twitter.com/perkinscr97 
• CoinFund: 
• • ​​https://twitter.com/coinfund_io 

Coverage of the FTX.US Proposal

• Bloomberg: https://www.bloomberg.com/news/articles/2022-04-21/crypto-billionaire-rankles-wall-street-with-futures-trading-plan?sref=m9L277rN 
• Forbes:
• • https://www.forbes.com/sites/jasonbrett/2022/04/27/the-ftx-us-proposal-that-shook-congress-and-the-crypto-derivatives-world/
• The Block:
• • https://www.theblockcrypto.com/linked/143792/as-it-weighs-ftx-proposal-cftc-announces-a-roundtable-on-disintermediation 
  • https://www.theblockcrypto.com/post/137304/cftc-opens-up-ftx-uss-derivatives-trading-model-to-public-comment 
  • https://www.theblockcrypto.com/linked/140026/ftx-derivatives-proposal-takes-center-stage-at-congressional-hearing-with-cftc-chairman 
• CoinDesk
• • https://www.coindesk.com/business/2022/03/10/ftxus-derivatives-unit-seeks-cftc-amendment-to-clear-margin-trades-directly-for-customers/
  • https://www.coindesk.com/video/recent-videos/ftx-us-to-meet-with-cftc-regarding-derivatives-trades/ 
• Public comment: 
• • https://www.theblockcrypto.com/post/137304/cftc-opens-up-ftx-uss-derivatives-trading-model-to-public-comment
• May roundtable: 
• • https://www.cftc.gov/PressRoom/PressReleases/8519-22
  • https://www.coindesk.com/policy/2022/04/19/ftx-plan-said-to-face-cftc-roundtable-next-month/
  • https://www.theblockcrypto.com/linked/143792/as-it-weighs-ftx-proposal-cftc-announces-a-roundtable-on-disintermediation
• CME opposition to proposal: 
• • ​​https://www.marketsmedia.com/cme-to-oppose-ftx-clearing-proposal/

Unchained Coverage of FTX.US and LedgerX

• 2021:
• • https://unchainedpodcast.com/why-the-ftx-us-ledgerx-deal-indicates-crypto-ma-might-start-booming/ 
• 2019:
• • https://unchainedpodcast.com/ledgerx-on-the-reasons-to-trade-bitcoin-options/ 

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• Source: https://unchainedpodcast.com/ftx-wants-to-compete-with-cme-heres-why-its-a-big-deal/