Comment Text:
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.
