Posted on

Ethereum Technology Intrigues the U.S. CFTC, Agency Seeks Public Comments

1001 Views
0 Total shares
CFTC desires to learn more about Ethereum

The U.S. Commodities and Futures Trading Commission (CFTC) has expressed interest to understand the Ethereum technology and its entire ecosystem. On Tuesday, the commodities regulator filed a “Request for Input (RFI)” in the Federal Register seeking public comments.

Furthermore, the CFTC wants to get more information on Ethereum technology – its functionality and usability. The regulator also wants to know regarding the market built around it. As a result, the agency has kept a 60-day window for respondents to submit their answers. One can submit their answers either through the mail, email or hand delivery.

The official press release notes,

“The CFTC expects the comments and information received will benefit LabCFTC, the CFTC’s FinTech initiative, and help to inform the Commission’s understanding of these emerging technologies.”

RFI Will Help in More Than a Few Ways

Providing additional details, the RFI will inform and convey about the agency’s oversight on the Ethereum network. Moreover, it will also inform about any derivatives market related to digital currencies.

Published by the agency’s LabCFTC FinTech initiative, the RFI focuses on educating the public about crypto assets. Moreover, it also acts an intermediate between the regulator and crypto market participants.

The Federal Register document says,

“The input from this request will advance the CFTC’s mission of ensuring the integrity of the derivatives markets as well as monitoring and reducing systemic risk by enhancing legal certainty in the markets. The RFI seeks to understand similarities and distinctions between certain virtual currencies, including here ether and bitcoin, as well as ether-specific opportunities, challenges, and risks.”

A Know-How About the Ethereum Network and Its Functioning

The document also has got nearly 25 questions for Ether and the network. The questions are around the network technology, the network purpose, its governance, and market. There are also a few questions about issues relating to custody, cybersecurity, and oversight.

The questions also touch upon the recent concerns and issues surrounding the Ethereum ecosystem. This includes future upgrades, scalability issues, proof-of-stake. The questions also ask about Ethereum network’s current usage and how’s it possible for the agency to inquire about Ether deposits.

An intriguing question, for example, is “How would the introduction of derivative contracts on ether potentially change or modify the incentive structures that underlie a proof-of-stake model?”

Risk Disclosure

This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.

Join our Telegram Group To Stay Up To Date With Crypto News

 

Daily updates








LATEST CRYPTOCURRENCY NEWS FROM CRYPTOBLOCKWIRE

We are your go-to news source for everything cryptocurrency and blockchain in the U.S. and internationally.

CryptoBlockWire is your home for the latest cryptocurrency and blockchain news. It’s our job to provide you with access to the latest breaking news regarding Bitcoin, altcoins, and blockchain technology. There is nothing more exciting than being at the forefront of the cryptocurrency movement and financial consumer technology. CBW’s extremely knowledgeable writing staff use their experience and enthusiasm to publish the most current, accurate, and helpful stories in the entire crypto-sphere.