Home Uncategorized US CFTC Plans to Seek Public Feedback to Better Understand Ethereum Blockchain

US CFTC Plans to Seek Public Feedback to Better Understand Ethereum Blockchain

116
0

The latest report on Ethereum future contract unveiled that the Commodity Futures Trading Commission (CFTC) is looking for an in-depth analysis of Etherum blockchain.

In order to improve the commission’s understanding of Ethereum and its underlying technology, the CFTC has announced its intention to publish a respective Request for Information (RFI) with the Federal Register.

According to the statement:

“The Commodity Futures Trading Commission (CFTC) is seeking public comment and feedback in order to better inform the Commission’s understanding of the technology, mechanics, and markets for virtual currencies beyond Bitcoin, namely Ether and its use on the Ethereum Network.”

The Commission has put up a total of 25 questions which include topics such as the impetus for developing Ether and the Ethereum Network, especially relative to Bitcoin; the use of the Ethereum network by the developer community; scalability challenges, if any, of the Ethereum network; proof of work and proof of stake; similarities and differences in the governance of Ethereum and bitcoin networks; introduction of derivative contracts on Ether; and security issues, among others.

Notably, one question asks: “How would the introduction of derivative contracts on ether potentially change or modify the incentive structures that underlie a proof-of-stake model?”

A number of questions following this go further into detail about how the ether market might impact a derivatives market built on top of it – or vice versa.

The CFTC said the comments received will benefit LabCFTC, the CFTC’s Fintech initiative, and help to inform the Commission’s understanding of these emerging technologies.

RELATED:  Ethereum Unique Wallet Addresses Break 50 Million but Active Addresses Still Fall