Fun

News Feed - 2023-11-04 04:11:12

Amaka Nwaokocha1 hour agoLedgerX highlights CFTC regulatory gap in customer asset rulesThe new CFTC proposal enhances rules for futures commission merchants and derivative clearing organizations, mandating high liquidity in customer fund investments.296 Total views3 Total sharesListen to article 0:00NewsJoin us on social networksThe United States Commodity Futures Trading Commission (CFTC) has turned its attention to how companies handle customer assets.


The recent CFTC proposal seeks to enhance the rules for futures commission merchants (FCMs) and derivative clearing organizations (DCOs). These companies are now required to invest customer funds in highly liquid assets. However, the revised rules do not account for LedgerX’s unique operational model.


LedgerX operates as a DCO, establishing direct connections with clients and deviating from the conventional role of FCMs as intermediaries.Screenshot of CFTC’s proposed rule. Source: CFTC


CFTC Commissioner Kristin Johnson has raised concerns, highlighting that the regulatory framework lags behind the industry’s rapid evolution. LedgerX, which was previously affiliated with FTX and is currently a part of Miami International Holdings, operates in a unique sector by providing direct client access, deviating from established industry conventions.


LedgerX has garnered attention for its efforts to directly settle cryptocurrency transactions for clients, diverging from the conventional practice of involving intermediaries. The company has successfully obtained several CFTC registrations, reinforcing its operations with enhanced consumer safeguards, such as asset segregation.


Johnson advocates for a revised regulatory framework that would provide uniform protection for retail clients, regardless of whether they trade through intermediaries or directly with non-intermediated DCOs such as LedgerX.


Related:CFTC pays whistleblowers $16M this year for mostly crypto tips


This appeal for action coincides with the public being granted a 75-day window to offer feedback on the proposal. This period of dialogue has the potential to guide the CFTC in addressing the regulatory deficiencies pointed out by Johnson.


It’s the responsibility of the CFTC to guarantee that regulatory measures remain aligned with the constantly changing derivatives market. This is essential to protect the interests of retail customers and maintain a level and fair environment.


Magazine:Deposit risk: What do crypto exchanges really do with your money?# CFTC# LedgerX# RegulationAdd reactionAdd reactionRead moreFrom payments to DeFi: A closer look at the evolving stablecoin ecosystemCrypto remittances offer cheaper alternative, but still face challenges to adoptionCFTC weighs enforcement action against former Voyager Digital CEO: Report

News Feed

From Banking Giants to Tech Darlings, China Reveals Over 500 Enterprise Blockchain Projects
The Takeaway: More than 500 blockchain projects have been registered with the Chinese government since March. The filings reveal some of the largest Chinese banks and tech companies working with the technology. Several g
Dubai’s Retail Giant Majid Al Futtaim Accepts Crypto at 29 Shopping Malls and 13 Hotels in Partnership With Binance
Dubai"s Retail Giant Majid Al Futtaim Accepts Crypto at 29 Shopping Malls and 13 Hotels in Partnership With Binance Leading shopping mall operator Majid Al Futtaim has partnered wi
Cardano Price Woes To Continue? Analyst Expects ADA To Fall To $0.47
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ezra Reguerra14 hours agoBitwise insists ‘no affiliation’ with startup facing SEC chargesBitwise Asset Management stresses it has no relationship with the startup Bitwise Industries, whose founders have been charged
Bitcoin Proponents Slam Nobel Laureate Paul Krugman After Venmo Payment Issue
Bitcoin Proponents Slam Nobel Laureate Paul Krugman After Venmo Payment Issue Nobel Prize winner Paul Krugman complained on Twitter Wednesday that he was experiencing issues with t
DBS CEO Sees Crypto as an Alternative to Gold — Says Central Banks Globally Should Regulate Cryptocurrencies
DBS CEO Sees Crypto as an Alternative to Gold — Says Central Banks Globally Should Regulate Cryptocurrencies The CEO of Southeast Asia’s largest bank, DBS, says cryptocurr
Bitcoin NFT marketplace Bioniq eyes lofty goal of alleviating network congestion
Gareth Jenkinson10 hours agoBitcoin NFT marketplace Bioniq eyes lofty goal of alleviating network congestionBioniq operates on the Internet Computer Protocol, tapping into native Bitcoin integration to ease the network c
$56M moved from defunct exchange after executives fled: Report
Zhiyuan Sun9 hours ago$56M moved from defunct exchange after executives fled: ReportThe Atom Asset Exchange had over 2 million registered accounts prior to its collapse in November 2022.954 Total views2 Total sharesListe
Sasha Shilina23 minutes agoWhat is OpenSea and how to use it?This guide delves into the significance of the OpenSea decentralized marketplace, its pros and cons, and its role in the NFT revolution.35 Total viewsListen to
How to Mine Bitcoin in 2020
How to Mine Bitcoin in 2020 Bitcoin mining is a great way to earn cryptocurrency while providing a valuable service to the global network of users. Miners can set up a hardware o
Amaka Nwaokocha14 hours agoFTX exploiter moved over $17M in ETH in the last 24 hoursA significant portion of the 7,749 ETH, worth roughly $13 million, was directed toward the THORChain router and Railgun contract.6997 To
Crypto ETF Race Heats Up in 2021- Valkyrie Bitcoin Trust Files to List Shares on NYSE
Crypto ETF Race Heats Up in 2021- Valkyrie Bitcoin Trust Files to List Shares on NYSE 2021 has been an explosive year for bitcoin as the crypto asset has touched