Attending a television show on Wednesday to discuss the collapse of Bitcoin and altcoin exchange FTX, the Chairman of the CME Group made a shocking statement. Terry Duffy, CME Group executive, said he bribed a Commodity Futures Trading Commission (CTFC) official. Here are the details…
Big blunder from CME Group CEO
Terry Duffy, President of CME Group, recently participated in a television show. FTX crash was discussed in the program. The host of the show, Tucker Carlson, posed some questions to Duffy. First, he asked the whereabouts of SEC chairman Gary Gensler when FTX mismanaged its clients’ funds. Duffy replied as follows:
I don’t know where Gary Gensler is, but the CTFC regulator I bribed – asked the question ‘why are you resorting to the Commodity Exchange Act?’ I said.
Some users suggested that the words Duffy missed were a “Freudian Slip”. A Freudian slip is speech that occurs because of an unconsciously repressed inner thought. Contrary to psychoanalytic theorists, cognitive psychologists say that slips of the tongue may represent a conflict of order in the production of grammar. From this point of view, slips result from a variety of cognitive deficits. It remains unclear whether Duffy simply used the word “bribed” instead of “asked” because of a “slip of the tongue”.
Bitcoin and altcoin exchange FTX crashed
It’s possible that Duffy spoke wrongly in the video in question. The situation, however, did not become clear four days after its TV debut. cryptocoin.com As we reported, FTX collapsed earlier this month after FTX founder Sam Bankman-Fried allegedly used client funds through trading firm Alameda Research to make risky investment bets. The company later admitted that it had no one-to-one reserves of client assets. This resulted in the freezing of withdrawals and the subsequent filing for bankruptcy.
Terry Duffy also came to the fore with his statements other than the slip of the tongue in the program in question. On the day of his first one-on-one meeting with Sam Bankman-Fried, he said he suspected corruption on the cryptocurrency exchange. Duffy wanted to know why the Commodity Futures Trading Commission is reviewing Bankman-Fried’s request to ease regulatory rules to advance its trading model. Also, Duffy said, “I hope someone said, ‘Was there anyone pressing the CFTC?’ It shows the courage to ask, “he said.
Chicago-based CME Group is the world’s largest financial derivatives exchange. It offers Bitcoin and Ethereum futures – options contracts that allow traders to bet on the future price of the asset with the option to cash out at any time before the contract expires.
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