Comment Text:
Before I begin I would like to point out a few positive aspects of the smaller investors feeling included in the market. Life is a struggle for the middle and lower classes. Unfortunately it never seems to get anything but harder for us. As issues arise and funding is needed it gets strapped to the backs of the working class. Most struggle to stay afloat let alone get ahead. These are trying times we're living in and the ability to trade and be taken seriously does amazing things for our outlook on life in general. We have to consider every last dime we spend. So, access to lower fees, a wider range of assets and a leveled playing field would be beneficial on all levels. There is no worse feeling than knowing you're stuck in one spot in life and have no way to get ahead. People will still only invest what they can but having the ability to make these trades is the aspect that truly matters. The majority of us come from paycheck to paycheck lifestyles so when we do decide to invest in something it's more than just a cut and dry transaction. We take pride in what we're able to acquire in our lives outside of bills and taxes. What we truly lack is a market that represents us as a whole. Variety is key and honestly most of us would choose utility or pleasure in an investment over the ability to cash it out. I can promise you that the high fees involved with some platforms is the one thing keeping the majority of us from buying. Without that barrier you would have much less resistance from non investors taking the leap. The overall benefits would be unprecedented. Especially now that people like myself are joining the market and paving the way for our peers to do the same. Having assets of personal interest is what we prefer. Assets such as these need to be exposed to the world to build their value and we honestly prefer it that way. Watching something go from nothing to something gives us pride and inclusion. An unrealized idea will never make a dime or do anyone an ounce of good.
As an independent investor, I am urging the Commission to support direct access to trading on margin without intermediaries.
The CFTC should approve the proposal to allow cryptocurrency platforms to eliminate barriers to investments and increase competitive choice in markets. The proposal would also make crypto trading in the United States much more secure, allowing the real-time transparent flow of data and the monitoring of transactions for suspicious behavior.
I believe that independent investors should not face any barriers to entry on markets, other than access to the Internet or a phone app. However, investors still are unable to competitively trade without going through intermediaries that either charge high fees or have preferred relationships based on commissions. By authorizing non-intermediated markets, such as FTX, to provide direct access to derivatives trading, the CFTC would promote a level playing field, increase competitive choice, and reduce systemic risk.
Crypto-trading platforms have brought important technological innovations to trading, and a sound Federal policy framework should help encourage these innovations. Around $15 billion in assets are traded daily on the FTX platform, and FTX now carries out approximately 10% of the total global volume for crypto. Supporting cryptocurrency platforms, such as FTX, will make the United States globally competitive and increase trading opportunities.
The U.S. needs a supportive and accommodating policy environment that enables retail investors to have easy access to financial tools that provide them the opportunity to achieve their financial goals. Please accept the FTX application to change its designation and give investors the choice to access derivatives markets directly, without relying on any intermediaries.
I urge you to accept the FTX request to amend its current license and allow investors the option of direct-to-customer margin trading.
