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The CFTC (Commodity Futures Trading Commission) has just announced that it is seeking public comments and feedback to inform the best decisions made by the commission on technology, mechanics and markets for virtual currencies beyond Bitcoin. The main objective of the commission is to understand the Ether token and its use in the Ethereum network.
The commission presented an official RFI (request for information) to obtain answers from the public on issues related to technology, opportunities, risks, mechanics, use cases and the markets of the underlying Ethereum network. The CFTC requires receipt of all comments within 60 days of sending the RFI to the Federal Registrar.
The stated purpose of this information sourcing is to benefit Lab-CFTC, the Fintech initiative of CFTC, which is dedicated to facilitating the innovation of financial technology (Fintech) that promotes the market, inform policy and ensure that the agency has the tools and the regulatory and technological know-how to keep pace with the evolving markets.
A step towards regulation
This announcement represents an important step on behalf of the US regulators, as they seek to advance their understanding of the crypto space over Bitcoin, which was the main focus of the government for most of the existence of cryptographic markets. Growing efforts to understand the critical differences between Ethereum and Bitcoin should help regulators become better informed about how to determine what types of tokens are, titles vs. utility, and understand how the underlying technology of cryptocurrencies can be used to improve transparency 39, inside the government itself.
The complete RFI document can be found here. List 25 questions asked by the committee, which are organized into categories such as Purpose and Functionality, Technology, Markets, Supervision and Regulation, IT Security and Custody
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