During the discussion, the existing industry structure was defended as โquite adaptiveโ against volatile situations by Sean Downey, executive director for clearing, risk and capital policy at CME Group, the worldโs leading derivatives exchange. Downey also criticized any new system that would lean on algorithms over capital cushions, arguing that the former brings its own hazards. โWeโve seen that movie before, and in fact, we saw it very recently,โ he said, referring to the recent meltdown of algorithmic stablecoin terraUSD (UST). CryptoX Portal
FTXโs Bankman-Fried Pitches CFTC on Directly Clearing Customersโ Crypto Swaps
