Ex-FTX Unit LedgerX in Gray Area Beyond U.S. CFTC Proposal on Customer Funds: Commissioner

Friday’s proposal, which details how regulated firms must only put customer assets into an expanded list of the most liquid of investments, doesn’t consider “the context of a non-intermediated clearing model where the DCO offers direct client access to its clearing services, without the FCM as an intermediary,” said CFTC Commissioner Kristin Johnson.