House Ag Committee Holds FTX Hearing

On May 12th, the House Agriculture Committee held a hearing on “Changing Market Roles: The FTX Proposal and Trends in New Clearinghouse Models.” Committee Chairman David Scott (D-GA) said that he had serious concerns about the risks the FTX proposal would pose to derivatives markets’ primary functions of price discovery and risk hedging. Several members on both sides of the aisle voiced concerns that FTX’s proposal would lead to either FTX or other exchanges offering a similar model for traditional ag commodities such as cotton which would be problematic for commercial hedges. CME Group CEO Terry Duffy said that, if the Commodity Futures Trading Committee (CFTC) approves this proposal for FTX, he will have no choice but to begin offering similar lower-cost products with less risk controls for traditional markets to remain competitive. Duffy said that the CFTC should approach this issue through a CFTC rulemaking process, not through the approval of a single proposal.

More here.

More Advocacy Issues

ACSA Update: The Week Ahead

April 28^th, 2025

Please use the link below for a glance at the upcoming events for the week of April 28. Document here.

USTR Section 301 China Shipbuilding Proposed Remedies

March 24^th, 2025

The American Cotton Shippers Association, along with over 300 other associations representing a broad range of industries, urged the Office of the U.S. Trade Representative (USTR) to refrain from implementing the proposed measures in response to the Section 301 investigation into China’s efforts to dominate the maritime, logistics, and shipbuilding industries. Letter here.

ACSA Signs Onto Letter to Congress

March 19^th, 2025

In a letter to House Speaker Mike Johnson (R-LA), House Minority Leader Hakeem Jeffries (D-NY), Senate Majority Leader John Thune (R-SD), and Senate Minority Leader Charles Schumer (D-NY), organizations in the energy, transportation, and agriculture industries urged Congress to disapprove California’s vehicle rules through the Congressional Review Act. Letter here.

ACSA Signs Onto Letter to Senate Ag Chair and Ranking Member

March 11^th, 2025

U.S. farm organizations, including the American Cotton Shippers Association, signed onto a letter to Senate Committee on Agriculture, Nutrition, and Forestry Chairman John Boozman (R-AR) and Ranking Member Amy Klobuchar (D-MN), calling for the quick Senate approval of Luke Lindberg’s nomination as the next USDA undersecretary for trade and foreign agricultural affairs. Letter here.

Port Strike Updates

February 10^th, 2025

Last night, the International Longshoremen’s Association (ILA) approved the master contract. According to an ILA release, nearly 99% voted in favor of the new contract. The United States Maritime Alliance (USMX) approved the contract in late January. Release here. The release noted that the parties will sign the new agreement on March 11, 2025. Articles […]

2025 Journal of Commerce ARO

January 7^th, 2025

The Journal of Commerce has released its Annual Review and Outlook (ARO) issue for 2025. This publication highlights key industry leaders and organizations, showcasing their contributions and insights into the evolving landscape of global trade and logistics. Michael Symonanis, chairman of the ACSA Transportation & Insurance Committee, is a contributor to the 2025 ARO where […]