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.
Transak Secures Dual Licenses in Canada and Delaware for Crypto Access
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24