CFTC Extends Deadline for Public Comments on FTX US Request for Amended Derivatives License

#Ripple #XRP

A few weeks after allowing the public to weigh in on the requests of FTX US Derivatives (formerly known as LedgerX) to amend its registration attempts to offer derivatives services, the CFTC has extended the deadline.

• CryptoPotato reported in late 2021 when FTX US – the American branch of the international crypto exchange – purchased Ledger Holdings – the parent company of LedgerX, a regulated digital asset derivatives platform.
• This came amid FTX US’ plans to launch crypto derivatives services in the US, and acquiring LedgerX allowed it to leverage the latter’s Derivatives Clearing Organization (DCO) license.
• The exchange filed documents with the CFTC shortly after, seeking approval for its rather untypical proposals on how to provide the derivatives services, as it wanted to combine it with its spot trading platform.
• The Commission outlined a 30-day comment period in early March that allowed the public to weigh in on the matter.
• However, FTX US sought an extension of that period, and the CFTC announced on March 24 that it has agreed to do so. As such, the public has until May 11 to send their comments.

“FTX currently offers clearing of futures and options on futures contracts on a fully collateralized basis directly to retail participants (non-intermediated model). In its request for an amended order of registration, FTX proposes to clear margined products for retail participants while continuing with a non-intermediated model.” – reads CFTC’s statement.

OhNoRipple via https://www.ohnocrypto.com/ @Jordan Lyanchev, @Khareem Sudlow