Washington, D.C. – The Commodity Futures Trading Commission (CFTC) has launched a broad inquiry into the virtual currency Ether and its underlying Ethereum Network, seeking public comment to better understand the technology, mechanics, and associated markets. The agency issued a Request for Information (RFI) published in the Federal Register on December 11, 2018, initiating a 60-day public comment period.
The CFTC’s investigation focuses on gathering data related to Ether’s technology, potential opportunities, inherent risks, operational mechanics, various use cases, and the markets in which it operates. Specifically, the commission aims to discern the similarities and differences between Ether and the more established Bitcoin, as well as identify unique challenges and opportunities presented by the Ethereum Network.
This RFI is spearheaded by LabCFTC, the CFTC’s fintech initiative launched in May 2017. LabCFTC’s mission is to foster innovation in financial technology, inform regulatory policy, and equip the agency with the necessary tools and knowledge to navigate the rapidly evolving financial landscape.
According to the CFTC, the information gleaned from public responses will directly benefit LabCFTC’s ongoing efforts. The agency hopes to proactively address regulatory concerns, identify emerging opportunities, and mitigate potential risks associated with these technologies. The CFTC emphasizes its commitment to remaining forward-thinking and accessible to fintech innovators as the virtual currency space continues to develop.
While this action doesn’t represent an enforcement action or specific allegations of wrongdoing, it signals the CFTC’s increased scrutiny of virtual currencies beyond Bitcoin, suggesting a broader regulatory framework may be under development. The agency intends to use the collected data to refine its understanding of these complex technologies and ensure effective oversight of the evolving digital asset markets.
Source: CFTC.gov
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