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

September 8^th, 2024

Please use the link below for a glance at the upcoming events for the week of September 9. Document here.

ACSA Supports Reconfirmation of FMC Commissioners Bentzel & Sola

August 31^st, 2024

Yesterday, the American Cotton Shippers Association and 73 others sent urging the United States Senate Committee on Commerce, Science, and Transportation to advance the nomination of Federal Maritime Commissioners Carl Bentzel and Louis Sola for a second term. ACSA is grateful for the FMC’s focus on implementation of the Ocean Shipping Reform Act of 2022 […]

CFTC Ag Advisory Committee Holds Final Meeting of 2023

December 15^th, 2023

Yesterday, the Commodity Futures Trading Commission’s (CFTC) Agriculture Advisory Committee, led by CFTC Chairman Rostin Behnam, held a meeting to discuss three main topics: futures margining and the agricultural markets, the impact of Russian-Ukrainian war on wheat futures prices, and global events impact on the futures market. ACSA President and CEO Buddy Allen took the […]

Senate Banking Committee Raises Concerns Around the Basel III Endgame Proposal

December 7^th, 2023

Yesterday, the Senate Banking, Housing and Urban Affairs Committee held a hearing on “AnnualOversight of Wall Street Firms,” which centered around the Basel III Endgame Proposal. ACSA recently signed onto a letter stating our opposition to the proposal. Republican Members and witnesses alike generally stated that the proposal’s capital requirement increases will create a burdensome […]

Government Shutdown & Speaker of the House Update

October 3^rd, 2023

Below, Delta Strategy Group shared an overview on where things stands in Washington, D.C. when it comes to the status of a government shutdown and the recent removal of Kevin McCarthy (R-CA) as Speaker of the House. In September, Congress reached the brink of a government shutdown due to conflicts within the Republican party. Members […]

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.