Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, at the Bitcoin 2021 conference in Miami, Florida, on June 5, 2021.
Eva Marie Uzcategui | Bloomberg | Getty Images
Sam Bankman-Fried, co-founder of bankrupt crypto firm FTX, spent almost a year trying to convince regulators to let him introduce a derivatives product that would allow retail investors to trade with borrowed money, according to Rostin Behnam, chairman of the Commodity Futures Trading Commission.
In an interview with CNBC’s “Squawk Box” on Wednesday, Behnam said Bankman-Fried had been lobbying the CFTC to amend the rules so FTX could let users trade derivatives using margin rather than paying upfront. He also wanted to offer the contracts directly to users, without having to go through a futures commission merchant.
“It would have been a non-intermediated, margined model,” said Behnam, who described the proposal as a “very tricky issue from a risk perspective.”
Prior to its bankruptcy filing last week, FTX had a registered derivatives platform with the CFTC called FTX US Derivatives. The platform was a rebranding of LedgerX, a company that FTX acquired in 2021.
FTX US Derivatives is one of the few FTX-related properties that’s not a part of its bankruptcy proceedings and remains operational today. However, it appears to have returned to using the LedgerX brand. If you go to the FTX US Derivatives website, it redirects you to ledgerx.com. And Zach Dexter, who was CEO of FTX US Derivatives, says on his LinkedIn profile that he’s CEO at LedgerX. The platform lets traders buy options, swaps and futures on bitcoin and ethereum.
Starting in Dec. 2021, Bankman-Fried and his senior leadership team made frequent visits to the CFTC to advocate for an amendment to its existing license, Behnam said.
When asked what Behnam thought of Bankman-Fried over the course of meeting with him for nearly a year, the chairman said that the former FTX chief “knows markets, at least he tries to suggest that” and he “wanted to really aggressively have this amendment passed.”
FTX, which was valued at $32 billion by private investors earlier this year, spiraled in spectacular fashion last week as reports of liquidity problems resulted in customers withdrawing billions of dollars a day from their accounts. However, FTX didn’t have the capital to honor those requests because it had used customer deposits for a variety of purposes, including for trading at Bankman Fried’s hedge fund, Alameda Research. Bankman-Fried also disclosed on Twitter on Wednesday that FTX had built up around $13 billion of leverage.
Behnam said his agency’s staffers were still in the process of reviewing FTX’s application for an amended license when FTX and approximately 130 additional affiliated companies, including Alameda and FTX’s U.S. subsidiary collectively filed for bankruptcy protection.
Before the implosion, Bankman-Fried had been trying to play the role of industry savior as the crypto market sank and lenders and hedge funds went belly up. In May, he also bought a 7.6% stake in trading app Robinhood, which at the time had lost more than three-quarters of its value since its IPO last year. In April, FTX bought a stake in equities exchange IEX.
Daimler Truck North America has helped alcohol distributor Reyes Beverage Group deploy fully 29 zero-emission Freightliner eCascadia Class 8 electric semi trucks in its California delivery fleet.
Reyes Beverage Group (RGB) plans to deploy the first twenty Freightliner electric semi trucks at its Golden Brands – East Bay and Harbor Distributing – Huntington Beach warehouses, marking the first phase in the company’s transition to a fully zero emission truck fleet by 2039. An additional nine eCascadia Class 8 HDEVs are scheduled for delivery to RBG’s Gate City Beverage – San Bernardino warehouse before the end of 2024.
RBG’s decision to adopt the Freightliner eCascadia builds on its recent transition to renewable diesel and its ongoing idle-time reduction program. These electric vehicles (EVs) “go electric” will contribute significantly toward the company’s stated goal of reducing its carbon emissions 60 percent by 2030. These 2 trucks will save some 98,000 gallons of diesel fuel annually, and avoid putting nearly 700 metric tons of carbon dioxide and other harmful emissions into California’s air each year.
“We are excited to be among the first in our industry to adopt these electric vehicles,” explains Tom Reyes, President of RBG West. “This is a significant step toward our sustainability goals and ensuring compliance with state regulation as we transition our fleet to EV.”
Freightliner’s eCascadia electric semi trucks offer a number of battery and drive axle configurations with ranges between 155 and 230 miles, depending on the truck specification, to perfectly match customers’ needs without compromising on performance and load capacity. RBG’s Freightliner eCascadia tractors will rely on electric charging stations installed at each facility, allowing them to recharge to 80% capacity in as little as 90 minutes for RGB’s trucks, which feature a typical driving range of 220 miles as equipped.
The Windsor, Ontario utility says it’s driving towards a more sustainable future after adding a dozen new electric vehicles to its fleet – including a state-of-the-art, 55-foot Terex electric bucket truck.
Based on a Class 7 (33,000 lb. GVWR) International eMV Series BEV, the Terex EV takes the eMV’s 291 kWh battery and adds the Terex Optima 55-foot aerial device and HyPower SmartPTO system to create a fully electrified utility service vehicle that can do anything its diesel counterparts can do while offering better, safer working conditions for utility crews.
“We’ve got 12 EVs,” said Gary Rossi, president and CEO, Enwin Utilities. That number represents fully 10% of the utility’s entire vehicle fleet. “Our centerpiece is our electric 55-feet bucket truck. It’s very quiet,” continues Rossi. “So (the truck) allows us, our crews, to communicate better. It’s not as loud in the community when they’re doing repairs in someone’s backyard.”
That notion is echoed by Terex, itself. The company says its HyPower SmartPTO (power take off), which replaces a mechanical PTO, avoids a loud idling engine while reducing workers’ exposure to toxic exhaust fumes.
“It’s all about building Windsor’s future and literally plugging into the battery factory down the road that is being constructed and showing that Windsor is a leader on this front,” says Drew Dilkens, Mayor of Windsor. “I don’t own an internal combustion engine vehicle,” adds Mayor Wilkins. “I only own two electric cars. My wife and I, we made the change starting in 2019 and I can’t see myself ever going back.”
CTV News Windsor
Enwin says its commitment to clean energy extends beyond its vehicle fleet. The company recently unveiled a massive MW solar rooftop net metering facility at its Rhodes Drive headquarters with over 3,000 solar panels. The site, one of Canada’s largest solar installations, generates enough clean electricity to power 300 homes annually.
Built by Damen Shipyards and the first fully electric tugboat to be deployed in the Middle East, the new RSD-E Tug 2513 Bu Tinah put in its record-breaking performance took place at Khalifa Port during ADIPEC, the world’s largest energy conference.
The RSD-E Tug 2513 is based on the already efficient hull design of the standard, diesel-powered RSD Tug 2513, but its new, fully electric propulsion arrangement enables it to offer zero emissions operations in situations where oil or fuel leakage would be – let’s say especially bad.
But, while the “clean” aspect of all-electric operation is obvious, its Guinness World Record of performance shows that the Damen RSD-E Tug 2513 is up to whatever task its owners put to it.
“This Guinness World Record achievement demonstrates that the transition to alternative energy does not come at the cost of performance,” explains Maritime & Shipping Cluster, AD Ports Group, Captain Ammar Mubarak Al Shaiba. “We are very proud that the first electric tug in the Middle East is also making waves on a global level with this accolade and the fact that in parallel it is improving the sustainability of our operations alongside cost efficiencies in terms of overall fuel saving is extremely important. This vessel is now a key component of our Marine Services fleet and our electrification strategy.”
To earn its record, the the Damen RSD-E Tug 2513 Bu Tinah recorded an average high peak bollard pull of 78.2 tonnes (about 86 ‘Murican tons). The record-setting tugboat can undertake a minimum of two towage operation on a single charge, and can be recharged on a marine DC fast charger in just two hours.