US CFTC Asks for Comments to Improve Understanding of Ethereum Blockchain, Altcoin

The United States Commodity Futures Trading Commission (CFTC) is seeking public comments and guidance on the Ethereum (ETH) blockchain, according to an official press release published Dec. 11.

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.

In the upcoming RFI, the commission will request public comments on a wide range of questions such as Ethereum-related “technology, opportunities, risks, mechanics,” its market features, as well as use cases of Ethereum network applications.

Moreover, the CFTC has expressed the wish to better understand the differences and similarities between Ethereum and the seminal cryptocurrency Bitcoin (BTC), specifically the “opportunities, challenges, and risks” associated with the Ethereum altcoin.

According to the statement, all public comments to the Ethereum-related RFI will be accepted within 60 days after publication in the Federal Register. In addition, the commission noted that the results of the RFI will assist the CFTC’s fintech initiative called LabCFTC.

Founded in May 2017, LabCFTC is a dedicated hub for “engagement with the fintech innovation community,” aiming to examine “new regulatory fintech developments in the marketplace,” as noted by CFTC chairman Christopher Giancarlo earlier this year.

In late November, LabCFTC published a primer concerning smart contracts, following its first crypto-publication in October 2017. In the document entitled “Primer on Smart Contracts,” the CFTC’s innovation hub formed a working definition of the technology in addition to outlining its risks and benefits.