J. Christopher Giancarlo noted an uptick in the amount of crypto companies seeking clearinghouse status during a recent testimony.
The US Commodity Futures Trading Commission is anticipating a wave of new applications from companies attempting to become federally-regulated clearinghouses after an “explosion of interest in Cryptocurrencies,” according to a testimony to the US House Agriculture Committee delivered by CFTC Chairman J. Christopher Giancarlo earlier this week.
Thank you for the opportunity to testify today. These are indeed crucial steps for @CFTC. https://t.co/ArUmsYRrtz
Giancarlo also said that as they continue to grow more complex, the clearinghouses his agency regulates are “critical single points of risk in the global financial system.”
Clearinghouses are financial institutions that are responsible for facilitating transactions between any two entities. They act as intermediaries that ensure trust on both ends of the transactions. The CFTC’s job is to examine these clearinghouses closely to identify possible problems that may impair the clearinghouse’s ability to do their job.
More Clearinghouse Applications Are Anticipated
Giancarlo not only said that “the importance of these examinations to overall financial stability are all increasing,” but that the CFTC is likely to soon have more clearinghouses under its jurisdiction.
“The Commission anticipates new applications for clearinghouse registration resulting from the explosion of interest in cryptocurrencies; an area in which protection of the cryptocurrencies will be one of the highest risks,” he said. The CFTC already regulates many clearinghouses within the US, as well as six located overseas.
Cryptocurrency platform ErisX is one of the crypto-related platforms currently seeking approval to become a CFTC-regulated clearinghouse; crypto derivatives firm LedgerX has already achieved clearinghouse status.
Giancarlo also mentioned LabCFTC, the Commissions’ fintech research group. He said that Blockchain and crypto were two important aspects of “rapidly changing markets and technological developments” that the research group has been able to help the CFTC anticipate and understand.
Additionally, the group’s work helped the CFTC “to determine the value of technological innovations,” including “crypto-asset-based futures products.”
As the bear market raged throughout 2018 and early 2019, many investors saw crypto futures products as an alternative to cryptocurrency investing and spot trading. CME and Cboe were the first two platforms to offer crypto futures in late 2017; since then, a growing number of platforms have joined them, including ErisX, LedgerX, Bakkt, and others.
The US Commodity Futures Trading Commission is anticipating a wave of new applications from companies attempting to become federally-regulated clearinghouses after an “explosion of interest in Cryptocurrencies,” according to a testimony to the US House Agriculture Committee delivered by CFTC Chairman J. Christopher Giancarlo earlier this week.
Thank you for the opportunity to testify today. These are indeed crucial steps for @CFTC. https://t.co/ArUmsYRrtz
Giancarlo also said that as they continue to grow more complex, the clearinghouses his agency regulates are “critical single points of risk in the global financial system.”
Clearinghouses are financial institutions that are responsible for facilitating transactions between any two entities. They act as intermediaries that ensure trust on both ends of the transactions. The CFTC’s job is to examine these clearinghouses closely to identify possible problems that may impair the clearinghouse’s ability to do their job.
More Clearinghouse Applications Are Anticipated
Giancarlo not only said that “the importance of these examinations to overall financial stability are all increasing,” but that the CFTC is likely to soon have more clearinghouses under its jurisdiction.
“The Commission anticipates new applications for clearinghouse registration resulting from the explosion of interest in cryptocurrencies; an area in which protection of the cryptocurrencies will be one of the highest risks,” he said. The CFTC already regulates many clearinghouses within the US, as well as six located overseas.
Cryptocurrency platform ErisX is one of the crypto-related platforms currently seeking approval to become a CFTC-regulated clearinghouse; crypto derivatives firm LedgerX has already achieved clearinghouse status.
Giancarlo also mentioned LabCFTC, the Commissions’ fintech research group. He said that Blockchain and crypto were two important aspects of “rapidly changing markets and technological developments” that the research group has been able to help the CFTC anticipate and understand.
Additionally, the group’s work helped the CFTC “to determine the value of technological innovations,” including “crypto-asset-based futures products.”
As the bear market raged throughout 2018 and early 2019, many investors saw crypto futures products as an alternative to cryptocurrency investing and spot trading. CME and Cboe were the first two platforms to offer crypto futures in late 2017; since then, a growing number of platforms have joined them, including ErisX, LedgerX, Bakkt, and others.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Coinbase Faces Another Class Action Lawsuit: Investors Allege Illegal Offerings
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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