US CFTC Seeks Public’s Help in Understanding Ethereum

US CFTC Seeks Public’s Help in Understanding Ethereum

The Commodity and Futures Trading Commission (CFTC) based in Washington D.C. is asking for the public’s help in understanding Ether (ETH) and its use on the Ethereum Network.

In a press release released a few hours ago, the CFTC announced its intention to publish a Request for Information (RFI) with the Federal Register to sollicit comments on the “underlying technology, opportunities, risks, mechanics, use cases, and markets” relating to Ethereum.

Guiding Policy Decisions

The RFI will be open for 60 days and will also accept comments on the “similarities and distinctions between Ether and Bitcoin.”

It was noted that any results would also aid the CFTC’s fintech initiative, known as LabCFTC, launched in May 2017 and designed to guide policy such that “…the agency has the regulatory and technological tools and understanding to keep pace with changing markets.”

The commission is tasked with regulating the US Futures and Options Markets and operates alongside the Securities and Exchange Commission (SEC) whose broader remit includes enforcing federal securities laws, proposing securities rules, and regulating the securities industry as well as the stock and options exchanges.

Both agencies testified before the US Senate’s banking committee in relation to the subject of oversight of virtual currencies and ICOs earlier this year.

The CFTC and the SEC Chairmen are part of the small but influential President’s Working Group on Financial Markets that is completed by the US Secretary of the Treasury and the Chairman of the Federal Reserve. Long nicknamed the “Plunge Protection Team” their goal is to enhance the integrity, the efficiency, orderliness and competitiveness of the financial markets while crucially maintaining investor confidence.