The crypto world received a large and powerful endorsement yesterday from a pillar of the futures world. Chris Hehmeyer, in a blog post where he announced the reasoning for rebranding his firm from Hehmeyer Trading + Investments to just Hehmeyer, gave the crypto world a boost it had never before seen.
He is the highest ranking member of the futures world to wholly embrace the crypto world, giving it a jolt of integrity, honesty and legitimacy.
Chris Hehmeyer and his firm are focusing on just cryptocurrency and digital asset trading, leaving his 40 years of futures trading behind. He is among the most respected professionals in the futures world, having been a runner, trader, introducing broker, futures commission merchant, commodity pool operator and commodity trading advisor. And in the spirit of transparency, Hehmeyer is a former customer of mine when I was trading as a Commodity Trading Advisor as John J. Lothian & Company, Inc.
Chris Hehmeyer is a former chairman of the National Futures Association, the self regulatory body of the futures industry. He is a former board member of the Futures Industry Association, the lobbying and education organization for the futures industry, and served as the vice chairman of its board.
He served on 40 or more committees at the Chicago Board of Trade and served on its board of directors. He served as a governor of the Chicago Board of Trade Clearing Corporation and as its chairman. I could go on, but you get the gist.
His participation in the crypto world is not new, but his singular focus on just making markets is. It is also a reality check that profitably trading in the futures world is more difficult for professionals than ever before and the barriers to entry for professionals have never been greater.
It takes too much investment in technology, connectivity, co-location and people to have a fighting chance in the futures, options and equities worlds. Chris Hehmeyer is just one of the last to pivot to something else. When he entered the futures world, you just needed a membership, a trading jacket, a stack of trading cards and a pencil to be successful. Oh, and an appetite and aptitude to take and manage risk helped too.
In this case, it is a growing world of cryptocurrency and digital asset trading. He is not being paid to endorse the crypto world by being hired to a firm, added to a board or given some crypto assets to secure his endorsement.
Instead, Hehmeyer and his firm are standing up, making markets and saying they will be there in the marketplace. His endorsement expresses that there is opportunity in these new products and he and his firm are putting their capital on the line in support of them.
It is a good day for the cryptocurrency world because a good and accomplished man, Chris Hehmeyer, has given them a boost they could only have dreamed about.