Blockchain

CFTC Official Says ‘Ready to Approve Ether Futures Contracts’

A senior official from the U.S. Commodity Futures Trading Commission (CFTC) said that body would be willing to approve ether-based futures contract, if it “ticks all the boxes.”

The CFTC is one of the federal bodies which is looking into regulations of cryptocurrency. To its credit, however, the CFTC has been a little more liberal about its stance, as compared to the Securities and Exchange Commission (SEC).

An official, on the condition of anonymity told news portal CoinDesk, “I think we can get comfortable with an ether derivative being under our jurisdiction. We don’t do bold pronouncements, what we do is we look at applications before us.” The official added, “A derivatives exchange comes to us and says ‘we want to launch this particular product.’ … If they came to us with a particular derivative that met our requirements, I think that there’s a good chance that it would be [allowed to be] self-certified by us.”

However, the CFTC official stated that the federal body would only respond to a specific application, as opposed to venturing an opinion.

In October 2018, U.S. Commodity Futures Trading Commission (CFTC) chairman Chris Giancarlo, had said, “We are very focused on fraud and manipulation in the crypto space and very active at it.” Being asked on whether the US is not very pro innovation by the interview, the chairman replied, “And yet it is the United States that has gone forward with the very first bitcoin derivatives and futures with the CME and bitcoin options and bitcoin clearing. We are ahead of the world in that. However there are some other areas where we need to take a more thoughtful approach.”

In December 2018, the Commodity Futures Trading Commission (CFTC) had sought public opinion to better understand blockchain technology, as well as cryptocurrencies bitcoin, ether and ethereum network. According to an official press release, the regulatory body had put out a Request for Information which was to be published on the Federal Register. The form would include numerous questions such as the blockchain technology, opportunities, risks, mechanics, use cases, and markets, related to Ether and the Ethereum Network.

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The post CFTC Official Says ‘Ready to Approve Ether Futures Contracts’ appeared first on Crypto-News India.

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