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FTX Plan Said to Face CFTC Roundtable Next Month
A proposal from FTX.US on direct derivatives clearing is set to be the focus of public discussion on May 23.
Updated May 11, 2023, 3:45 p.m. Published Apr 19, 2022, 10:15 p.m.
The FTX proposal to directly clear the trades of its derivatives customers will get an informal hearing on May 23, according to a person familiar with the Commodity Futures Trading Commission's (CFTC) plan.
With the 60-day public comment period coming to an end on May 11, the U.S. regulator will invite representatives of the company and others who have a stake in the decision to a public roundtable, said the person, who spoke on condition of anonymity because the event hasn’t yet been announced. The open discussion will invite public commentary from proponents and critics without carrying the force of a hearing.
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CFTC spokesman Steven Adamske declined to comment on the plan, and an FTX official couldn't be reached for comment.
Chairman Rostin Behnam has said his agency is taking a cautious approach to the application from FTX.US to allow its trading platform to directly clear derivatives that are backed by margin. He suggested the application could be the first of many, and if approved could have major implications. The industry, though, has been optimistic about the tone Benham struck at a recent congressional hearing.
“This proposal could end up leading to more efficient trading execution, less risk in the system,” Behnam told lawmakers last month at the House Agriculture Committee, adding that he’s required to foster “responsible innovation” and FTX’s idea wouldn’t seem to violate commodities laws.
The CFTC held more than two dozen roundtables when it was trying to establish an array of new rules after the Dodd-Frank Act sought to prevent a repeat of the 2008 financial crisis. This time, the agency is weighing the key crypto matter with a new slate of commissioners – four members having been sworn in during March and April after recent Senate confirmations.
The agency has already received dozens of comment letters, such as one from the founders of BlockTower Capital, which argued that FTX’s idea “will reduce the over-reliance on the current gatekeepers to trading markets.” The comment period, however, runs for three more weeks, and the proposal is expected to have critics among more established exchanges.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Crypto CEOs Join U.S. CFTC's Innovation Council to Steer Market Developments
The chief executives of firms such as Gemini and Kraken will pitch in on U.S. policy efforts through the council's future, public discussions.
What to know:
- In her final days atop the agency, Commodity Futures Trading Commission Acting Chairman Caroline Pham announced her CEO Innovation Council, replete with crypto executives.
- The names include the chief executives from Gemini, Kraken, Polymarket, Bitnomial and several others.
- The CFTC is expected to get its permanent chairman very soon when the Senate votes on the confirmation of Mike Selig, President Donald Trump's nominee.
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