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 Comments to the Federal Maritime Commission

August 3^rd, 2023

Please click here for the Comments on the Supplemental Notice of Proposed Rulemaking Establishing the Definition of Unreasonable Refusal to Deal or Negotiate with Respect to Vessel Space Accommodations Provided by an Ocean Common Carrier.

ACSA President and Chairman Participate in CFTC Meeting

December 8^th, 2022

On December 7, 2022, Commodity Futures Trading Commission (“CFTC”) held an Agricultural Advisory Committee (“AAC”) meeting to discuss topics related to the agricultural economy and recent developments in the agricultural derivatives markets. ACSA President/CEO Buddy Allen and Chairman Tommy Hayden of Louis Dreyfus Company both serve on the committee. Summary here.

Congress Discusses U.S.-Taiwan Trade

September 16^th, 2022

On September 14th, the House Ways and Means Committee held a hearing titled, “The Future of U.S.-Taiwan Trade.” There were four witnesses, including Texas Farm Bureau President Russell Boening. Summary here.

Podcast Episode Dedicated to Cotton

September 14^th, 2022

ACSA would like to thank Betsy Olim, host of Export Stories Podcast, for dedicating an episode on cotton. The episode focuses on current challenges faced by the cotton industry and ACSA’s advocacy efforts to increase efficiency and security for our supply chain. Podcast here.

Senate Ag Committee Leadership Introduce Digital Asset Bill

August 3^rd, 2022

On August 3rd, Chairwoman of the Senate Agriculture Committee Debbie Stabenow (D-MI) and Ranking Member John Boozman (R-AR) along with Senators Cory Booker (D-NJ) and John Thune (R-SD) introduced the Digital Commodities Consumer Protection Act of 2022 to give the Commodity Futures Trading Commission new tools and authorities to regulate digital commodities. Summary here.

House Ag Subcommittee Discusses Crop Insurance

July 21^st, 2022

On June 20th, the House Agriculture Committee Subcommittee on General Farm Commodities and Risk Management held a hearing entitled “A 2022 Review of the Farm Bill: Stakeholder Perspectives on Title XI Crop Insurance.” Summary here.