CFTC Plans to Seek Public Feedback on Ether

Tabassum Regulation News published December 12, 2018 | modified December 12, 2018


CFTC Plans to Seek Public Feedback on Ether

The latest report on Ethereum future contract unveiled that the Commodity Futures Trading Commission (CFTC) is looking for an in-depth analysis of Etherum blockchain. Official announcement which was released on December 11, 2018 states that the commission would need a better understanding of ETH and how it goes beyond Bitcoin future. The statement reads as;

The Commodity Futures Trading Commission (CFTC) is seeking public comment and feedback in order to better inform the Commission’s understanding of the technology, mechanics, and markets for virtual currencies beyond Bitcoin, namely Ether and its use on the Ethereum Network.

Public Comments To Understand ETH Blockchain

Envisioned to decide better, CFTC is opening a public comment in the Federal Register for a period of 60 days. Consequently, the commission has also outlined “Request for Information (RFI)” with Federal Reserve which would eventually be aimed at seeking the strength of Ethereum over Bitcoin and the possible risk, challenges and opportunities concerned with Ethereum network. Moreover, the document will have a list of 25 various questions regarding ether and its network. The report further adds that;

The CFTC is asking for public feedback on a range of questions related to the underlying technology, opportunities, risks, mechanics, use cases, and markets, related to Ether and the Ethereum Network. All comments must be received within 60 days of publication in the Federal Register.

However, it is also rumored that the numerous exchanges would soon begin Ether futures and this bet was followed by a statement of William Hinman who worked with SEC’s division of Corporation finance. Bloomberg reported his claim which he has made six months ago,

He didn’t believe the token in its current form was a security that his agency had jurisdiction over.

In a similar regard, CFTC put forward to Hinman on Tuesday stating, it was his “personal views”.

The result of such report would help LabCFTC, fintech initiative of CFTC to finalize the matter regarding Ethereum futures. In addition, LabCFTC also deals with creating awareness about crypto assets to the masses and interacting with regulators as well.

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