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32) glad to hear talk from a competitor about needing engagement before self-certs, guessing they would support having a round table discussion before each of their self certs?

SBF

@SBF_FTX

May 25

33) a lot going on here—simultaneously debating crypto, algorithms, computers, retail, 24/7, etc. most of these already exist on other DCOs, and really unclear what her point is. And weird that she’s skeptical that markets increase liquidity!

SBF

@SBF_FTX

May 25

34) remember price bands—people are protected from 1 minute market moves! Also—users know _way_ more than any of these people about these markets, ironic to hear the opposite condescendingly said.

SBF

@SBF_FTX

May 25

35) “retail” is not a monolithic category!

SBF

@SBF_FTX

May 25

36) good point by Dave Olson—this is the model that many are already used to!

SBF

@SBF_FTX

May 25

37) ohhhh boy is this going to be a few minutes per person of closing statements? If so, that’s a few *hours* worth.

SBF

@SBF_FTX

May 25

38) really well spoken closing statement from Ann/ISDA!

SBF

@SBF_FTX

May 25

39) really interesting perspectives from

@Fidelity

and

@BlackRock

—and agree, figuring out the details and ensuring transparency are what matter!

SBF

@SBF_FTX

May 25

40) pleasantly surprised by the constructive closing statement from RJO!

SBF

@SBF_FTX

May 25

41) huuuge difference in demeanor between Downey and Duffy

SBF

@SBF_FTX

42) people asking whether this model makes economic sense or is the best model. Not really supposed to be the purview, and not usually required for businesses to prove their model is best to be allowed to operate. That’s what economic competition and consumer choice are for!

7:50 PM · May 25, 2022Twitter for iPhone

Replying to

43) reeeeeaally good points by Dave/Jump here; innovation is really hard in the current system!

SBF

@SBF_FTX

May 25

44) helpful point by DRW—models are not about better/worse, they’re about consumer choice and economic competition

SBF

@SBF_FTX

May 25

45) note about capital usage—real time margin reduces the effective risk period, which reduces capital demands

SBF

@SBF_FTX

May 25

46) good points from Virtu too

SBF

@SBF_FTX

May 25

47) re: retail: what if the DCO/DCM has all the standard protections, and CFTC oversight?

SBF

@SBF_FTX

May 25

48) reminder: automated margin calls can _reduce_ risk by doing so only when necessary

SBF

@SBF_FTX

May 25

49) ok two final thoughts: a) I guess if what we’re doing brings all these people here all day to argue and debate and learn then we’re doing _something_ right b) no chance we’d be here today without the amazing work of Zach, Brian, Julie, and the whole FUSD team <3

SBF

@SBF_FTX

May 25

50) I know I’ve said this before, but: the CFTC isn’t the world’s fastest acting regulator and our process has been loooong and drawn out, but boy do they know their shit, care about details, and display an approach that today’s partisan climate could learn something from