Shimmering Woods

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The institutional layer is largely invisible to customers presented with a P2P proposition. Retail users may technically trade against one another, but the depth required by a mass-market product cannot be supplied by occasional customers alone. Professional firms must be prepared to quote continuously and commit substantial capital.

Marantelli says the London-based White Swan is a significant market maker on several secondary exchanges, accounting for as much as 40% of activity on some platforms. Its particular focus is the RFQ, parlay market.

“Just better margins,” he says of that decision. “I think it’s more defendable. It’s the area that fewer people can do well. So I think it’s more defendable margin, more ability to get long-term contracts and beneficial positions.”

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The CFTC’s move also comes as other US regulators continue to craft their own crypto policies. The agency and the Securities and Exchange Commission (SEC) jointly issued an interpretation in March on how certain crypto assets would be treated under federal securities laws. 

A lot of bigger questions remain without the CLARITY Act. The bill aimed to establish a federal framework for digital commodities and delineate the roles of the SEC and the CFTC. 

Its failure also leaves unresolved disputes over prediction markets and state and tribal gaming authorities, outside a comprehensive congressional framework. Those issues took on new significance during Senate floor debate over the bill, as concerns about federal commodities oversight extended to markets typically regulated at the state or tribal level. 

About Shimmering Woods

In 2021, Judge Gloria Navarro sentenced Rashid to 33 months at the Federal Correctional Institution in Sheridan, Ore., followed by three years of supervised release after he pleaded guilty to one count of using an interstate facility in aid of unlawful activity—specifically, a prostitution service.

According to the FBI, which raided his Las Vegas house on human trafficking warrants in 2014, Rashid “persuaded, induced, enticed and caused hundreds of victims to prostitute themselves for his benefit” beginning in 2002.

“Rashid operated a high-end prostitution business that transported victims across the United States, using various paid websites … to advertise the victims for prostitution purposes,” read a press release from the US attorney’s office, District of Nevada.