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Among all U.S. consumer protection agencies and regulators, the Commodity Futures Trading Commission (CFTC) is probably the most crypto-friendly. In the past, the CFTC Chairman asserted that he believes that heavy regulation on the crypto industry isn’t necessary, and just recently the CFTC’s tech and innovation hub (LabCFTC) released a primer on smart contracts in order to engage with the industry’s innovators.
Now, the CFTC also demonstrates that it is not shy to ask for some guidance and assistance from the crypto community regarding complicated cryptocurrency matters – and more specifically, about one of the largest cryptocurrencies in the market, Ethereum and the Ethereum Network.
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.
Asking the crypto community for advice is by no means a sign weakness, but of immense confidence and strength; instead of pretending to understand all the technicalities and complexities alone and then inevitably fumble, the CFTC chose to engage directly with individuals who might have deep expertise about the subject matter, in this case Ethereum. For that, the CFTC deserves all applauds and praise.
To better direct the comments and answers, the CFTC additionally released a Request for Information (RFI) document in which the regulatory commission elaborates further about its goals. In the RFI, willing participants can find 25 questions in a variety of areas that point to the directions towards which the CFTC seeks information. For instance, the Commission asks comparative questions such as “What are the current functionalities and capabilities of Ether and the Ethereum Network as compared to the functionalities and capabilities of Bitcoin?” Or more technical questions such as “Has a proof of stake consensus mechanism been tested or validated at scale? If so, what lessons or insights can be learned from the experience?”
If you want to assist the CFTC with information about Ethereum, please visit the public comments section in the CFTC website.