The Commodity Futures Trading Commission (CFTC) has issued an information request (RFI) requesting public comments and feedback to help better understand Ether and the Ethereum blockchain as it seeks to expand its knowledge base of cryptocurrency beyond the bitcoin.
In a press release dated 11 December, the regulator stated that he is seeking feedback to inform his understanding of the mechanics, technology and markets for cryptocurrencies outside the bitcoin that has historically dominated the conversation.
The RFI will accept the responses for 60 days after publication in the Federal Register. Clarify what the information request seeks to obtain, an excerpt from the announcement reads:
"In an information request (RFI) to be published in the Federal Register, the CFTC asks for public feedback on a series of questions related to underlying technology, opportunities, risks, mechanics, use cases and markets related to Ether and the Ethereum network. […] The RFI also seeks to understand the similarities and distinctions between Ether and Bitcoin, as well as opportunities, challenges and specific risks of Ether. "
According to the statement, the information gathered during the course of the exercise will be used to improve the CFTC's knowledge bank on the topic of cryptocurrencies, which will position it for effective regulation as space continues to grow. The data and answers collected will also be used to inform the LabCFTC activities, the Fintech initiative of the body that aims to bridge the gap between the regulator and financial innovators.
ETH Futures Speculation
The announcement could be a suggestion for the preliminary operation of a trading framework on the future of Ether. Up to this point, the only cryptocurrency with regulated futures trading is bitcoin, a state of affairs that has historically fueled its dominant position on the cryptic market. In November, CCN reported that the Nasdaq is planning to introduce a dedicated bitcoin futures market before the end of the first quarter of 2019 after working on an approval process with the CFTC.
If it turns out that the CFTC is in the early stages of exploring the future of Ether, this could have a significant positive impact on Ethereum following the recent dethronement by XRP to become only the third most cryptocurrency capitalized.
In line with the CFTC's pro-innovation position, RFI is one of several methods that it implements to ensure that its regulatory system does not give excessive results that stifle innovation according to the teacher of the law of law. University of Arkansas Carol Goforth. The president of the CFTC, J. Christopher Giancarlo, is particularly pro-crypto, stating recently that cryptography is "here to stay", regardless of whether or not he touches the US dollar as the de facto world reserve currency.
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