I’m relieved but not surprised to learn Don Wilson of DRW was cleared of all charges in a manipulation case brought by the CFTC.
In a fitting epitaph for Mr. Wilson’s career, the presiding judge wrote: “It is not illegal to be smarter than your opposition.” That about sums it up as the legendary DRW company he built in his name has the well-earned reputation of being the smartest; most innovative; and simply the best. They are to Chicago prop trading what Goldman was to Wall Street in the ’70s.
DRW knows cryptos, too. “Cumberland” is their over-the-counter crypto execution facility. Competitors swear they make tighter markets than DRW – and maybe they do – but institutional-style customers do business with Cumberland for one abiding reason: trust.
Tough regulation is important for vibrant capital markets and the complexities of the task make the job of the CFTC – and SEC – challenging to the “nth degree”, as my Dad used to say.
It’s good this is no longer a looming issue as the crypto industry needs strong, lucid voices on regulation & no one in the private sector carries as much weight or speaks with a clearer voice or more authority on the subject of futures, options & cryptos than Mr. Wilson, a world-class sailor who navigates choppy waters both literally and figuratively.