CFTC Opens Doors for Public Comments on Ethereum Blockchain Guidance

December 12, 2018 | AtoZ Markets – The United States Commodity Futures Trading Commission (CFTC) has recently asked the public to provide their input on the guidance of Ethereum (ETH) blockchain.

The step comes within the CFTC’s endeavours to improve the commission’s comprehension of Ethereum, where the former highlighted in a press release published Dec. 11, that it is considers publishing a Request for Information (RFI) with the Federal Register.

The RFI referred to will pivot around the public comments the CFTC prepares to ask for, which will be mainly focusing on Ethereum-related “technology, opportunities, risks, mechanics,” its market features, as well as use cases of Ethereum network applications.

The CFTC voiced as well its will to absorb the differences and similarities between Ethereum and Bitcoin (BTC) with a special emphasis given to “opportunities, challenges, and risks” that are linked to both Ethereum and Altcoin.

The CFTC seeks better understanding of how to treat the currency in question

The CFTC set 60 days for accepting the public comments on the Ethereum-related RFI after publishing in the Federal Register, pointing out to that the outcome of the RFI will contribute to LabCFTC as a CFTC’s fintech initiative.

LabCFTC is a hub founded in 2017, and is dedicated to “engagement with the fintech innovation community,” of whose strategy concentrates on testing “new regulatory fintech developments in the marketplace,”, according to CFTC chairman Christopher Giancarlo.

It is worth mentioning that LabCFTC published last November a primer on smart contracts, to add it to its previously released crypto-related publication in October 2017.

AtoZ Markets published October- 16, 2018 that the former chairman of the U.S. Commodity Futures Trading Commission (CFTC) Gary Gensler, said in a statement that “I think that cryptocurrencies like Bitcoin (BTC) need more protection, and probably more protection than even the oil markets.”.

Gensler sees as well that most tokens sold through Initial Coin Offerings (ICOs) should be regarded as securities.

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