Crypto Exchanges Set Their Sights On The Sleepy Futures Industry

Crypto Exchanges Set Their Sights On The Sleepy Futures Industry

Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, ... [+] speaks during a Senate Agriculture, Nutrition and Forestry Committee hearing in Washington, D.C., U.S., on Wednesday, Feb. 9, 2022. The top Democrats and Republicans on the committee last month sent a letter to the CFTC calling for the regulator to take a more active role in overseeing cryptocurrencies. Photographer: Sarah Silbiger/Bloomberg

The U.S. futures industry is slow to change and has seen its footprint consolidate around fewer firms over the years. The number of futures commodity merchants (FCMs) as of the latest period, March 2022 stood at 61 firms, compared to 64 in 2017, 116 in 2012, and 171 in 2007. FCMs are dedicated firms that can transact at derivatives exchanges.