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In line with the CEO of CME Group, Terry Duffy, the manager met with former FTX CEO Sam Bankman-Fried (SBF) final March at a convention, and Duffy ended up calling the FTX frontman a “fraud.” When Duffy sat down with SBF, the previous FTX government mentioned his finish aim was to compete with CME Group.
Final March CME Group’s Terry Duffy Known as SBF a ‘Fraud’ and Says He Was the Solely One In addition to ICE to Name ‘BS on These Clowns’
Terry Duffy, the chief government officer of CME Group, the world’s largest derivatives change, lately sat down with the hosts of the podcast “On The Tape” and mentioned the current FTX collapse. Duffy explained that final March he sat down with the previous FTX CEO, Sam Bankman-Fried (SBF), and so they mentioned competitors. Duffy requested the previous FTX government what his finish aim was and SBF replied “properly, I need to compete with you.” Duffy mentioned he replied “Nice, I’m all for competitors, what do you need to do?”
Duffy defined that SBF mentioned he needed to compete with CME in crypto, so Duffy mentioned: “I’ll offer you one higher, how about I offer you my crypto franchises value $30 million and we’ll go from there?” SBF replied to Duffy by asking the CME Group CEO what he needed in change for the deal. “You already know what I would like,” Duffy mentioned to SBF. “Let me be your danger supervisor, I’ll clear it to ensure it’s completed correctly.” SBF responded that the CME Group CEO wouldn’t deploy his mannequin, and Duffy mentioned “your mannequin is crap.” Duffy added:
Why would I deploy a mannequin that’s going to introduce danger to the system? After all I’m not going to deploy your mannequin.
Duffy then mentioned that SBF turned him down flat out and the CME Group CEO instructed the previous FTX CEO: “You already know what? You’re a fraud. You’re an absolute fraud. You’re supposedly value $26 billion and also you’re an altruist. In case you are an altruist at $26 billion, how come there’s not a $10 billion donation going to somebody proper at this second in time?” The CME Group CEO continued:
How ’bout a $15 billion donation? You already know what? My web value doesn’t begin with any BS. I’ll offer you three-to-one [odds] that I’ve extra money than you. I let you know what, I’ll offer you four-to-one [odds] that I bought extra money in my proper pocket than your web value. You’re a fraud and I’m going to ensure we get this on the market.
Duffy Harassed That FTX’s Concept Was ‘Poor and Poses Important Danger to Market Stability,’ Elon Musk Says SBF Set off His BS Detector
After assembly with SBF, Duffy mentioned he went to talk in entrance of Congress, proper across the time when FTX was searching for approval from the U.S. Commodity Futures Buying and selling Fee (CFTC) to change into a derivatives clearing group. Duffy famous that he was “berated” throughout the congressional listening to however he wouldn’t again down. “I mentioned you could possibly lose 85% to 95% of your worth in a single day and [SBF] is not going to decide to maintaining this simply crypto,” Duffy remarked on the podcast. “He desires it deployed throughout all asset lessons” and Duffy additional confused that SBF’s mannequin would result in a “biblical catastrophe.”
“FTX’s proposal is obviously poor and poses [a] vital danger to market stability and market contributors,” Duffy wrote concerning the topic in mid-Might 2022.
Through the first week of October, stories said that CME Group was seeking to register as a direct futures fee service provider (FCM). FTX’s utility with the CFTC was nonetheless ready for approval however now the applying has been scrapped. The 64-year-old Duffy lately sat down with Bloomberg after the FTX collapse and told the information publication that he gained’t cease cryptocurrency futures buying and selling simply due to “one dangerous actor.”
“I’m not ready to say I’d delist it,” Duffy mentioned. “We’ve been on the slicing fringe of revolutionary merchandise, however what we don’t do is do it in a reckless method,” the CME Group government added. Through the interview with the hosts of the podcast “On The Tape,” Duffy additional referred to as FTX executives a bunch of clowns. “So I’m upset by this (the FTX state of affairs),” Duffy remarked. “However I’m a measured upset. I’m a really measured upset, as a result of no person else was calling BS on these clowns however me. My buddies on the Intercontinental Alternate (ICE) are the one different change that mentioned ‘we don’t like this as properly.’”
Along with CME Group’s Duffy, Tesla and Twitter government Elon Musk instructed the general public that SBF set off his BS detector. After somebody shared a dialog between Musk and an FTX consultant, within the dialog Musk requested: “Does Sam even have $3B liquid?” When Musk noticed somebody share the textual content dialog on Twitter he verified that the textual content was actual. “Correct. He set off my BS detector, which is why I didn’t assume he had $3B,” Musk tweeted in response.
What do you consider CME Group’s Terry Duffy calling SBF an “absolute fraud?” Tell us what you consider this topic within the feedback part beneath.
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