Conversation

1) Typical market structure in the US is highly intermediated: when a consumer purchases AAPL, they often go through 10+ counterparties from start to finish.

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1,379

SBF

@SBF_FTX

Feb 6

2) Regulatory frameworks are often built around this assumption: separate licensing for the brokers, clearing, custody, matching, etc. But there are some advantages to a less intermediated system. And more generally, you can apply the same protections to it.

224

SBF

@SBF_FTX

Feb 6

3) As long as whichever entity is managing a part of the process is held to the same standard as an intermediary would be, the customer is equally protected--and in many cases, the core entity is held to a higher standard.

170

SBF

@SBF_FTX

Feb 6

4) At the same time, consumers are given more equitable access to markets and data. If you go to ftx.us, you can place an order directly to the matching engine, and you can access all of our marketdata for free.

267

SBF

@SBF_FTX

5) And, finally: in the digital asset ecosystem, blockchains allow exchanges to directly custody and clear assets natively. We've written up a paper on the relationship between investor protections and intermediation here: ftxpolicy.com/investor-prote.

6:46 PM · Feb 6, 2022Twitter Web App

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When will FTX offer stocks? When will companies trade tokens instead of stocks ?

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I always thought it made sense if you are dealing with leveraged products, but for cash products it seems really inefficient. Great job bringing this issues to the table and solving them, its very useful for a sector that is monopolized by few agents( exch, clearing houses, etc.)

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what has the feedback been like from regulators on this info?

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Hello

, sent you a DM

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Quote Tweet

"The proposal could reach more types of trading mechanisms, including potentially #defi protocols,” warned the SEC commissioner. #crypto #cryptocurrency #bitcoin $BTC zpr.io/EF9YLKKjLXnc

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When are you going to add limit buy and sell orders on the regular FTX app for USA?

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Wow!

is trying to destroy crypto by adding "communicating protocols' to the definition. This would force crypto exchanges to register with the SEC.

Quote Tweet

Jones Day

@JonesDay

Feb 4

The SEC’s proposed amendments to Rule 3b-16 of the Exchange Act could face robust political and legal opposition from those who perceive these amendments as jurisdictional overreach by the SEC. #securities #securitieslaw #blockchain #Bitcoin #crypto #DeFi bit.ly/32YiEmx