CFTC’s Plan to compile the People’s Comments to Better Diagnose Ethereum Blockchain
According to an official press on December 11, The United States Commodity Futures Trading Commission (CFTC) has collected the public’s ideas according to a request to improve Altcoin performance more than what is available about Bitcoin with the expectancy to broaden commission’s knowledge in Ether and Ethereum technology under the name of Request for Information (RFI).
RFI’s content and objectives
It includes a variety of areas including mechanics, chances, technology, dangers as well as network applications. It is composed of 25 questions with basic parts including the network’s purpose, the underlying technology, Ethereum’s governance, markets, and custody. Some of them, however, focus on industry-related issues like switching from Proof-of-Work to Proof-of-Stake. Other subjects of interest are, in themselves, clues to improve its function as starting an independent auditor present use cases. There is even a question about ETH derivatives and understanding if it will have any effect on Eher and the Ethereum Network.
Its other purpose is to recognize similarities and differences between Ethereum and the dominant cryptocurrency, Bitcoin, besides some specialties for Ether and Ethereum.
The time span to accept comments from the people is 60 days after publication. They can send their views by posting comments on the commission’s website, email, traditional mailing system, and courier service. The acquired results will be helpful in an innovative project called LabCFTC, the commission says. It is, in fact, a gap filler between regulators and the financial experts.
LabCFTC’s primary target is growth in the market regarding regulatory Fintech, according to CFTC chairman Christopher Giancarlo. He expects a positive future for the crypto and even proves it through considering “do not harm” approach to make cryptocurrencies regulated. Its anterior activities include creating a primer for smart contracts too.
Broadening and improving CFTC’s understanding through delving on the results and helping it in reaching its mission are some other effective objectives; that is, keeping integrity on derivative markets and controlling besides decreasing any danger due to being legal.
In case of proving CFTC to be at the primary stages of taking approval for Ether futures, it can be a prosperous time for Ethereum after being devalued by XRP. It can become the third most potent cryptocurrency.
The project’s future results
What has been collected after this query can be a guide to the primary performance of the Ether futures trading framework? The only cryptocurrency with its own regulated trading is Bitcoin. In November, CCN reported that Nasdaq is going to start bitcoin futures market in the first three months of 2019 via an approval process by CTFC.
For instance, in “Markets, oversight and regulation” (an RFI section), the questions are in the field of Ether futures. The main aim in accommodating such questions is mostly approving ETH future perspective.
The foremost important objective of such surveys seems to be able to own a rich repertoire to find on-time solutions in case of necessity whether about technologic or regulatory challenges.