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Turning to Twitter, President of the U.S. branch of cryptocurrency and derivatives platform FTX, Brett Harrison explains the importance of derivative trading.
Harrison warns that the U.S. crypto markets will not yet reach its potential if certain characteristics of an advanced market are not incorporated:
“Crypto markets in the US will not reach the level of advancement, maturity, or safety seen in equity or bond markets without derivatives.
Among [the] features of an advanced market that the US crypto markets currently lack are:
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New players only. 175% on 1st Deposit + $75 Risk Free BetThe ability to easily hedge, insure one’s positions, speculate on volatility in addition to price, capture interest through basis trading, achieve capital efficiency through margin and achieve positions simply without requiring possession of underlying assets.”
The FTX.US president ends his communications on the social media platform by referring to his firms’ application with the Commodities Futures Trading Commission (CFTC) last month. The exchange requested the regulator to enable margin trading for its derivatives platform. He said:
“Tools for effective risk management will remain limited, and crypto will not attract the institutional liquidity necessary to mature.
We believe our application to the CFTC to allow direct margin on FTX US Derivatives, FTX US’s regulated derivatives exchange, will greatly advance the development of crypto derivatives markets in the US.”
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In December of last year, FTX already put forward list of 10 principles and proposals to aide crypto regulation in the United States.