>> WELCOME BACK TO CHEDDAR
BUSINESS WITH THE CURRENT HEAD
OF THE
U S.
>> NOT IN THE FUTURES TRADING
COMMISSION IS CELEBRATING 6
MONTHS ON THE JOB AND LOOKING
AHEAD, NEW INITIATIVES IN THE
NEW YEAR JOINING US NOW IS
HEAPED OUR BODIES AT CHAIR OF
THAT THE FTC I THINK IT'S GREAT
TO HAVE YOU WITH US.
SO I LOVE JUNIOR IS GOING TO
BRING A LOT OF EVENTS
VERY QUICK LEE IN THIS NEW YEAR
ON MOST NOTABLY THIS TRADE DEAL
PHASE ONE THAT WE DO ANTICIPATE
OBESE AND
ON WEDNESDAY. HOW IS THAT
VIEWED IN YOUR MIND.
>> WELL THAT IN PARTICULAR I
THINK IS IS AN IMMENSE IT'S
GOING TO BE IMMENSE SAS
I WAS ACTUALLY PRIVILEGE IN MY
OLD POSITION PRIOR TO COMING TO
THE CFTC TO GO TO BEIJING AND
BE PART OF THOSE TRADE TALKS.
OBVIOUSLY AMERICAN AGRICULTURE
IS IS IS IS DEPENDENT ON THOSE
TRADE TALKS. I THINK ONCE THE
PHASE ONE IS IS SIGNED YOU'RE
DEFINITELY GOING TO SEE
AN AGRICULTURE CONTINUING TO
COME BACK AND THAT'S A GREAT
THING FOR US AND FOR THE
FUTURES MARKETS. SO YOU DO
ANTICIPATE THAT CHINA WILL AT
LEAST RESUME BUYING WHAT IT
BOUGHT FROM
AMERICAN FARMERS BEFORE THIS
TRADE WAR REACHED ITS PEAK,
IT'S A GREAT QUESTION I THINK
WE'RE GOING TO SEE I DON'T HAVE
ANY PUN ON PUBLIC INSIGHT INTO
THAT BUT BASED ON WHAT PEOPLE
ARE SAYING AGRICULTURE SUPPOSED
TO BE PART OF THAT
DEAL IT'S.
>> THE DAMAGE THAT'S BEEN DONE
IN THE PAST 2 YEARS OF THIS
TRADE WAR WITH CHINA RIGHT
HONESTLY, THE ADMINISTRATION
PROVIDED A BAILOUT FOR THESE
FARMERS, BUT IT REALLY ONLY
ACCOUNTING FOR A 3RD A
THERE THERE TOTAL BUSINESS OVER
THE COURSE OF THE PAST LOOK
I THINK.
>> CHINA CHINA HAS BEEN A REAL
ISSUE AND I THINK I THINK WE'VE
BEEN RIGHT TO DO IT ADDRESS
THESE ISSUES AND I THINK IT'S
BEEN IT'S BEEN REALLY IMPORTANT
TO TO PUT SANCTIONS ON CHINA TO
ADDRESS THESE TRADE ISSUES AND
TO DO SO IN A WAY
THAT I THINK PUT MAXIMUM
PRESSURE ON CHINA WHILE
REDUCING THE EFFECTS ON THE
UNITED STATES. I CAN
TELL YOU AMERICA CULTURE
MARKETS, THE FUTURES MARKETS
ARE WORKING WELL FOR MY MAIN
CONCERN THE CFTC CHAIRS ARE
REALLY MAKE SURE THESE
INSTRUMENTS ARE THEY'RE SO
FARMERS RANCHERS AS WELL AS
ENERGY COMPANIES CAN USE THEM
TO HEDGE THAT IS MY PRIMARY
CONCERN AND MAKING SURE THERE'S
NO FRAUD
AND MANIPULATION IN THESE
MARKETS SO TOO CAN YOU EXPLAIN
OR AT LEAST CONTEXTUALIZE FOR
VIEWERS JUST.
>> HOW MUCH PRICES GOT
DEPRESSED WHEN TRYING TO STOP
BUYING CERTAIN AGRICULTURAL
PRODUCTS.
>> YOU KNOW IT'S A ONE OF THE
THINGS WE'RE LOOKING AT AND WE
HAVE A WE HAVE A MARKET
INTELLIGENCE BUREAU IS JUST TO
SORT OF
FIGURE OUT YOU KNOW WHAT CAUSED
THAT WHAT WHAT CAUSED SOME OF
THE PRICES THERE'S NO QUESTION
THAT AGRICULTURAL PRICES DROP
SOME PEOPLE SAY IT'S BECAUSE OF
TRADE TRADE PLAY A ROLE.
BUT THAT WE'VE HAD WEATHER
EVENTS. WE'VE HAD FLOODING
WE'VE HAD LOTS OF OTHER
IT'S THE MAIN THING I THINK
THAT IS OUR CONCERN IS MAKING
SURE THAT AGAIN. OUR MARKETS
CAN RELY ON THESE
DERIVATIVES INSTRUMENTS SO
WHATEVER THE FARMER IS IS
WHATEVER THE PRICE
MAYBE THEY CAN ENTER INTO A
TRADE 3 MONTHS 6 MONTHS DOWN
THE LINE TO LOCK IN A PRICE.
THAT'S MY FOCUS AT THE CFTC
ITS.
>> YEAH IT'S BEEN FASCINATING
TO SEE HOW EXTREME WEATHER.
PARTS OF THE GLOBE, INCLUDING
IN THE
U S JUST IN THE PAST YEAR OR 2
AND SO HOW ARE YOU SEEING
FARMERS TAKE ACTION TO HEDGE
THEIR BETS. IN THE EVENT THAT
MORE EXTREME WEATHER IS
EXPECTED IN THE FUTURE.
>> YEAH, I THINK THEY'RE USING
OUR TRADITIONAL PRODUCTS,
MAINLY OUR FUTURES PRODUCTS TO
LOCK IN THOSE PRICES, BUT I
THINK PEOPLE ARE ALSO
THINKING ABOUT ARE THERE
ADDITIONAL PRODUCTS THAT CAN BE
USED WEATHER RELATED
DERIVATIVES WE SEE SOME OF
THOSE OUR SWAPS MARKETS AND
OTHER BUT BUT I THINK THAT'S A
MARKET THAT WE MIGHT SEE
DEVELOP IN THE
YEARS AHEAD.
>> WELL, SEVERAL ELEMENTS OF
YOUR
POLICY AGENDA GOLF TRIP TO
CURRENCY WHICH I THINK THAT THE
CRYPTOCURRENCY OBSERVERS THEY
THINK WAIT A SECOND,
YOU KNOW REGULATION POLICY
AROUND CRYPTOCURRENCY REALLY
GOES AGAINST WHAT WE WANT WITH
CRYPTO CURRENCY THE IDEA BEHIND
THE FRONT RIGHT THIS
UNREGULATED. YEAH FORM OF
CURRENCY. WISE IS A PRIORITY
FOR YOU.
>> SO SO SO IN MANY WAYS WE'RE
WHAT WE'RE REGULATING IS WE'RE
ACTUALLY CREATING A MARKET FOR
DIGITAL ASSETS. SO WE ARE
ALLOWING DIGITAL ASSETS, THE
ONES THAT FALL WITHIN OUR
JURISDICTION WHICH IS PRIMARILY
THEY HAVE TO BE A COMMODITY SO
RIGHT NOW THAT POINT AND ETHER
THE 2 THAT WE THINK HALL IN OUR
JURISDICTION AND TO
WHAT WHERE BY BY ALLOWING THEM
TO COME INTO THE WORLD THAT THE
CFTC WERE ALLOWING THE FUTURES
MARKETS TO DEVELOP BASED ON
THESE PRODUCTS AND IN THAT WAY
WHEN PEOPLE ARE
INTERESTED IN PURCHASING A
PARTICULAR DIGITAL ASSET OF THE
TO
THAT POINT YOU THINK THEY CAN
RELY ON THE FUTURES MARKETS
WHICH HAVE BEEN AROUND FOR OVER
A 100 YEARS WHICH HAVE
PRICE DISCOVERY HEDGING AND THE
RISK MANAGEMENT AND SO IN MANY
WAYS IT'S HELPING TO LEGITIMIZE
IN MY VIEW AND ADD LIQUIDITY TO
THESE MARKETS.
>> IN THE NEW YEAR WILL MORE
CRYPTO HER.
>> AND SEES LIKE A RIPPLE FOR
FALL UNDER
YOUR PURVIEW.
>> IN ADDITION TO BITCOIN ETHER
IT'S UNCLEAR STAY TUNED.
I WOULD SAY A PART OF THE ISSUE
IS OUR JURISDICTION WE SHARE
WITH THAT THE SEC, IT'S A SICK
CHARITY IT FALLS UNDER
THEIR JURISDICTION. IT'S A
COMMODITY IT FALLS UNDER AIRS
SO WE'VE BEEN WORKING CLOSELY
WITH THE SEC OVER THE LAST YEAR
OR SO TO REALLY THINK ABOUT
WHICH FALLS AND WHAT BOX
BECAUSE I THINK IF I HEAR
ANYTHING FOR MARKET
PARTICIPANTS. IT'S THAT
WE REALLY NEED CLARITY THAT
WITHOUT CLARITY IT'S REALLY