Comment Text:
You extended the time to comment? Fine. I'll comment.
I am writing this to support CFTC Commissioner Romero on Request for Comment on the Impact of Affiliated Entities.
Knock it off.
Mr. Hwang destroyed Credit Suisse with swaps and CFTC hides swap data for years.
FTX destroys SVB and now you're asking for permission to make another FTX?
Listen to your own commissioner: "vertical integration of clearinghouses with the customer facing intermediaries will not promote market stability, investor protection, or reduced market risk."
She also said this: "Our clearinghouse rules were not set up to protect customers, because they were written with the idea of a separate intermediary that interacted with customers and had regulatory obligations for customer protections. Now that the intermediary is being eliminated, the regulatory rules in place for clearinghouses reduces protection for customers and allows abuse of investors through lack of investor protection."
As a customer, how could I possibly be in favor of this? I already can't trust you to show me data. Now you want to take away even the pretense of any protection for me? The fact that this got to point where the public had to step in, tells me a lot about what little thinking goes on at The CFTC. If it wasn't for your commissioner, I'd assume nobody there was doing their jobs at all.
As a matter of fact, I think your own commissioner said it best: "This new regulatory proposal should not be implemented in any fashion".
