By Lisa Pauline Mattackal

(Reuters) – Crypto exchange FTX will seek regulatory approval to trade in crypto derivatives directly. This decision, according to the chief executive officer of the company, could allow for greater oversight in the United States.

U.S. Commodity Futures Trading Commission is currently reviewing a request from FTX USA to offer margin trading for crypto derivatives “nonintermediated”, meaning that the exchange would not need financial institutions.

Sam Bankman Fried, CEO of FTX, stated Wednesday that “there has been lacking federal oversight (crypto] trades in U.S.A.”, and that he sees this as a way for his platform to be under a regulatory body.

Clearing houses, such as the CME group (NASDAQ:), say that they oppose FTX.

The global regulators are struggling with ways to monitor the skyrocketing growth of cryptocurrency markets. A round table discussion about direct trading has been scheduled by the CFTC for May 25.

Bankman Fried stated that FTX is available to discuss and implement additional measures.

According to CoinMarketCap the company ranks fifth in terms of trading volume and is currently valued at $32 Billion.

The company also announced that it will donate $1 billion to causes such as climate change mitigation or pandemic preparedness.

Bankman-Fried stated that while the organization is aiming for donations in excess of $100 million, the final amount would depend on the performance of the company. He also said that the company has been pushing for sustainable crypto mining methods and scaling blockchains.