Odaily Planet Daily News Bloomberg quoted people familiar with the matter as saying that after FTX filed for bankruptcy protection, the FTX derivatives department withdrew a proposed plan to directly settle crypto derivatives products from the Commodity Futures Trading Commission (CFTC) on Friday. LedgerX, which operates as FTX US Derivatives after being acquired in 2021, submitted a plan earlier this year to directly settle cryptocurrency derivatives and eliminate intermediaries. The move was opposed by traditional financial institutions such as Cboe, which warned that there may be investor safeguards and protection issues. (CoinDesk) As previously reported, FTX US Derivatives CEO Zach Dexter said it would be completely independent of FTX US and that cash reserves would be enough for at least one year. In addition, FTX.com, FTX US, Alameda Research and approximately 130 other affiliated companies filed for bankruptcy reorganization under Chapter 11 of the Bankruptcy Code on Friday. The application does not include subsidiaries LedgerX, FTX Digital Markets, FTX Australia and FTX Express Pay.