CME Group’s CEO Called FTX’s Sam Bankman-Fried an ‘Absolute Fraud’ When They Met in March

According to the CEO of CME Group, Terry Duffy, the enforcement met with erstwhile FTX CEO Sam Bankman-Fried (SBF) past March astatine a conference, and Duffy ended up calling the FTX frontman a “fraud.” When Duffy sat down with SBF, the erstwhile FTX enforcement said his extremity end was to vie with CME Group.

Last March CME Group’s Terry Duffy Called SBF a ‘Fraud’ and Says He Was the Only One Besides ICE to Call ‘BS connected These Clowns’

Terry Duffy, the main enforcement serviceman of CME Group, the world’s largest derivatives exchange, precocious sat down with the hosts of the podcast “On The Tape” and discussed the caller FTX collapse. Duffy explained that past March helium sat down with the erstwhile FTX CEO, Sam Bankman-Fried (SBF), and they discussed competition. Duffy asked the erstwhile FTX enforcement what his extremity end was and SBF replied “well, I privation to vie with you.” Duffy said helium replied “Great, I’m each for competition, what bash you privation to do?”

Duffy explained that SBF said helium wanted to vie with CME successful crypto, truthful Duffy said: “I’ll springiness you 1 better, however astir I springiness you my crypto franchises worthy $30 cardinal and we’ll spell from there?” SBF replied to Duffy by asking the CME Group CEO what helium wanted successful speech for the deal. “You cognize what I want,” Duffy said to SBF. “Let maine beryllium your hazard manager, I’ll wide it to marque definite it’s done properly.” SBF responded that the CME Group CEO would not deploy his model, and Duffy said “your exemplary is crap.” Duffy added:

Why would I deploy a exemplary that’s going to present hazard to the system? Of people I’m not going to deploy your model.

Duffy past said that SBF turned him down level retired and the CME Group CEO told the erstwhile FTX CEO: “You cognize what? You’re a fraud. You’re an implicit fraud. You are supposedly worthy $26 cardinal and you’re an altruist. If you are an altruist astatine $26 billion, however travel there’s not a $10 cardinal donation going to idiosyncratic close astatine this infinitesimal successful time?” The CME Group CEO continued:

How ’bout a $15 cardinal donation? You cognize what? My nett worthy doesn’t commencement with immoderate BS. I’ll springiness you three-to-one [odds] that I person much wealth than you. I archer you what, I’ll springiness you four-to-one [odds] that I got much wealth successful my close pouch than your nett worth. You’re a fraud and I’m going to marque definite we get this retired there.

Duffy Stressed That FTX’s Idea Was ‘Deficient and Poses Significant Risk to Market Stability,’ Elon Musk Says SBF Set disconnected His BS Detector

After gathering with SBF, Duffy said helium went to talk successful beforehand of Congress, close astir the clip erstwhile FTX was looking for support from the U.S. Commodity Futures Trading Commission (CFTC) to go a derivatives clearing organization. Duffy noted that helium was “berated” during the legislature proceeding but helium would not backmost down. “I said you could suffer 85% to 95% of your worth overnight and [SBF] volition not perpetrate to keeping this conscionable crypto,” Duffy remarked connected the podcast. “He wants it deployed crossed each plus classes” and Duffy further stressed that SBF’s exemplary would pb to a “biblical disaster.”

“FTX’s connection is glaringly deficient and poses [a] important hazard to marketplace stableness and marketplace participants,” Duffy wrote astir the taxable successful mid-May 2022.

During the archetypal week of October, reports said that CME Group was looking to registry arsenic a nonstop futures committee merchant (FCM). FTX’s exertion with the CFTC was inactive waiting for support but present the exertion has been scrapped. The 64-year-old Duffy precocious sat down with Bloomberg aft the FTX illness and told the quality work that helium won’t halt cryptocurrency futures trading conscionable due to the fact that of “one atrocious actor.”

“I’m not prepared to accidental I’d delist it,” Duffy said. “We’ve been astatine the cutting borderline of innovative products, but what we don’t bash is bash it successful a reckless manner,” the CME Group enforcement added. During the interrogation with the hosts of the podcast “On The Tape,” Duffy further called FTX executives a clump of clowns. “So I americium upset by this (the FTX situation),” Duffy remarked. “But I americium a measured upset. I’m a precise measured upset, due to the fact that cipher other was calling BS connected these clowns but me. My friends astatine the Intercontinental Exchange (ICE) are the lone different speech that said ‘we bash not similar this arsenic well.’”

In summation to CME Group’s Duffy, Tesla and Twitter enforcement Elon Musk told the nationalist that SBF acceptable disconnected his BS detector. After idiosyncratic shared a speech betwixt Musk and an FTX representative, successful the speech Musk asked: “Does Sam really person $3B liquid?” When Musk saw idiosyncratic stock the substance speech connected Twitter helium verified that the substance was real. “Accurate. He acceptable disconnected my BS detector, which is wherefore I did not deliberation helium had $3B,” Musk tweeted successful response.

What bash you deliberation astir CME Group’s Terry Duffy calling SBF an “absolute fraud?” Let america cognize what you deliberation astir this taxable successful the comments conception below.

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