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In May, FTX CEO Sam Bankman-Fried and his government affairs and policy team paid a visit to the White House as American lawmakers debated whether the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC) should serve as the primary federal market regulator for the cryptocurrency industry.
According to recently released visitor logs, Bankman-Fried, Eloria Katz, the director of government relations and policy at FTX, and Mark Wetjen, the head of policy at FTX and a former CFTC commissioner, visited the White House in mid-May to meet with counselor Steve Ricchetti and policy advisor Charlotte Butash. The meeting topics were not covered in the logs.
FTX is requesting permission from the CFTC to settle some crypto-related transactions directly. The traditional finance (TradFi) sector has vehemently opposed this proposal.
Terry Duffy, the CEO of CME Group, stated that FTX’s proposal for direct settlement was “full of hazard” during a hearing before the U.S. House Committee on Agriculture, which regulates the CFTC.”
“This poses a very dangerous risk of entering other markets, “At the time, he added.
Sam Bankman-Fried has often claimed that FTX has no ambitions to diversify outside digital assets. On May 12, the day of the meeting with Ricchetti, he gave testimony before Congress at the same session.
When the CFTC decides, FTX’s request is not yet known.
Bills that would give the CFTC additional control over the crypto market are now making their way through the House of Representatives and the Senate, but the movement is sluggish.
During one of the sessions with Butash, Bankman-Fried and the FTX regulatory team were additionally joined by Gabriel Bankman-Fried, whose political action committee, Guarding Against Pandemics, seeks to enhance the government’s reaction to pandemics.
