- Several blockchain firms have submitted their feedback to the CTFC with regards to Ethereum
- The CTFC first put out their call for opinions on December 2018
Back in December 2018, the CTFC put out a formal call for input in order to aid their understanding of Ethereum.
“In furtherance of the LabCFTC initiative is seeking public comment and feedback on this Request for Input in order to better inform the Commission’s understanding of the technology, mechanics, and markets for virtual currencies beyond Bitcoin, namely here Ether and its use on the Ethereum Network,” the press release said at the time.
The Responses Given
Charlie Cooper, the managing director of R3, first thanked the CTFC for the opportunity to give their feedback. He also made an interesting prediction regarding the future of the digital assets market. According to him, tokens that are backed by real-life assets such as gold will be the future of the industry. Considering the controversy that stablecoins have endured in the past, this prediction is rather interesting.
According to Gus P. Coldebella, chief legal officer at Circle, Ethereum has the potential to revolutionize the global financial market by making the tokenization of assets much easier. By doing this, the selling and buying of assets will be more accessible all over the world and this, in turn, will stimulate economic growth.
Not all the responses focused their attention on the upsides of the digital assets market. Brian Brooks, chief legal officer at Coinbase, took time to point out some of the risks involved. The CTFC has previously laid out plans to oversee spot and derivatives markets for ETH. This, he says, might not be highly effective due to the fact that a majority of trading takes place outside the United States.
Starting a Conversation
Regardless of the praise, criticism, and suggestions given by the various firms to the CTFC, this entire exercise goes to show that the government is starting to put more emphasis on getting opinions from those who are actually inside the industry.
Hopefully, the end result of all of this will be more crypto-favorable laws.