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The US Commodity Futures Trading Commission (CFTC) wants to learn more about other cryptocurrencies than Bitcoin, starting with Ethereum. The Commission has issued an official input request (RFI) on the matter.
Request for input: Ethereum
In a press release published on Tuesday (11 December 2018), the Commission expressed its wish to be better informed about cryptocurrencies other than Bitcoin. According to the press release, the CFTC wants to learn more about Ether tokens and the Ethereum network.
A part of the press release reads:
All comments must be received within 60 days of publication in the Federal Register. The RFI also seeks to understand the similarities and distinctions between Ether and Bitcoin, as well as the opportunities, challenges and risks specific to Ether.
As part of the RFI, the CFTC will issue questions aimed at understanding the use cases, mechanisms, opportunities, risks, as well as the underlying Ethereum technology. The Commission also stated that the information collected will benefit the fintech arm of the CFTC – LabCFTC. Members of the public will have 60 days to respond to the RFI.
ETH Futures at the horizon?
The RFI lists a total of 25 questions on Ether and Ethereum. Applications fall into different categories such as custody, governance, technology, etc. Among the various categories, the CFTC seems interested in knowing the similarities and differences between Ethereum and Bitcoin.
Under the "Markets, supervision and regulation" section, most of the questions (17 to 21) concerned issues related to Ether futures. The CFTC seems interested in knowing how the emergence of ETH derivatives would have influenced the pattern of consent of the work trial (PoW) of the network, as well as the risks associated with trading futures on ETH.
While this is a conjecture, the question could mean that the Commission is examining the approval of ETH futures. For most of 2018, rumors about Ether's possible futures have gone around the industry. These voices became even more intense when the SEC identified BTC and ETH as non-securities.
"Do No Harm" approach
The RFI is in line with the CFTC's approach to the cryptocurrency sector. The President of the Commission – J. Christopher Giancarlo has in the past expressed positive feelings towards virtual currencies. Back in September, the CFTC even called for a no-harm & # 39; to the regulation of cryptocurrencies.
Despite being tolerant, the CFTC did not avoid pursuing cases of fraud or negligence on the market. Recently, the Commission has declared its commitment to patrolling the cryptocurrency scene.
What do you think of the CFTC's push to expand its understanding of the emerging cryptocurrency scene? Let us know your thoughts in the comments section below.
Image courtesy of Shutterstock.
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