WASHINGTON, D.C. — Cantrell Dumas, Director of Derivatives Policy at Better Markets, issued the following statement in response to the Commodity Futures Trading Commission’s (CFTC) failure to pause Coinbase Derivatives, LLC’s launch of 24/7 futures trading:

“It’s deeply troubling that the CFTC allowed Coinbase to proceed with launching 24/7 futures trading while an active Request for Comment on this exact issue remains open. This premature action undermines the public comment process and signals that meaningful input from market participants, consumer advocates, and the public may be ignored when powerful financial firms are involved.

“The CFTC’s own Request for Comment acknowledged that 24/7 trading raises novel and complex risks to market integrity, operational resilience, and customer protection. The Commission has explicit authority under its regulations to pause a self-certified rule amendment when such risks are present. It chose not to use it.

“Acting Chair Pham has repeatedly emphasized the need to restore transparency at the CFTC after what she described as a lack of openness in the prior administration. She even called for a Government Accountability Office investigation into the CFTC’s administrative processes, citing serious concerns about due process, public trust, and the integrity of Commission decision-making. But under her own leadership, the Commission allowed a major market change to take effect before the public had a chance to weigh in.

“If transparency and due process matter, they should apply just as much under Acting Chair Pham as under her predecessor. If the GAO is going to study the CFTC’s failures, it must include this latest one. The American public deserves better.”

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Better Markets is a non-profit, non-partisan, and independent organization founded to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.