Regulator: FTX's LedgerX Auction Demonstrates Need for Greater CFTC Influence on AcquisitionsTable of Contents
Regulator: FTX's LedgerX Auction Demonstrates Need for Greater CFTC Influence on Acquisitions
By CoinUnited.io Research Team
1 min read
Concerns regarding the CFTC's power over these purchases have arisen in light of the proposed sale of crypto derivatives exchange LedgerX, the last viable component of Sam Bankman-shattered Fried's FTX enterprise. As part of FTX's bankruptcy procedures, the company's assets, including LedgerX, are being put up for auction.
Democratic CFTC Commissioner Kristin Johnson wants the agency to have the authority to approve or disapprove of such deals. To paraphrase what she stated, "else it is left in the dark" regarding firms that may readily access US markets via buyouts.
After being reached for comment, neither LedgerX nor FTX representatives got back to us right away.
The deadline for submitting preliminary bids for LedgerX was January 25 with the final auction set for March 7. Potential bidders are still under wraps.
Commingling of assets is a claim included in the fraud lawsuit against Bankman-Fried, and it is one that is protected against by CFTC regulations. The protections allowed LedgerX to stay in business.
The auction procedure entails a change in equity ownership, and all that's needed is a heads-up to the agency within 10 days of the transaction closing. At a seminar on digital assets held at Duke University on January 21st, Johnson raised questions about the adequacy of the CFTC's traditional processes in markets where retail traders predominate.
Democratic CFTC Commissioner Kristin Johnson is advocating for the agency to have the authority to approve or disapprove of such transactions. Otherwise, she argued, it would be in the dark about firms that may readily access US markets via buyouts.
LedgerX and FTX representatives did not immediately answer to calls for comment.
The deadline for submitting preliminary bids for LedgerX was January 25 with the final auction set for March 7. Potential bidders are still under wraps.
Commingling of assets is a claim included in the fraud lawsuit against Bankman-Fried, and it is one that is protected against by CFTC regulations. The protections allowed LedgerX to stay in business.
The auction procedure entails a change in equity ownership, and all that's needed is a heads-up to the agency within 10 days of the transaction closing. At a seminar on digital assets held at Duke University on January 21st, Johnson raised questions about the adequacy of the CFTC's traditional processes in markets where retail traders predominate.
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