News Facebook in talks with CFTC over GlobalCoin

Facebook in talks with CFTC over GlobalCoin

-

- Advertisment -

Facebook is conducting talks with the Commodities Futures and Trading Commission, according to the Financial Times.

The commission is reportedly seeking to understand whether Facebook’s upcoming stablecoin, dubbed “GlobalCoin,” will fall under its regulatory remit, which includes derivatives and futures. That decision, apparently, boils down to whether trading of the upcoming “GlobalCoin” will be handled by cash or futures-based exchanges.

CFTC chairman Christopher Giancarlo told the FT that he also wants to understand the stablecoin “better,” but can’t make a judgment until he sees the completed application in front of him. Nevertheless, he still managed to describe the technology underpinning it as “very clever.”

“GlobalCoin” is Facebook’s second attempt at a native payment rail, and will be rolling out across a dozen countries later this year, according to a report by the BBC last month. Led by former PayPal CEO David Marcus, the project is reportedly working closely with regulators and crypto exchanges, including Gemini, which is run by erstwhile Zuckerberg business partners the Winklevoss twins, who co-invented Facebook.

The CFTC, for its part, has embraced cryptocurrencies more than any other regulator. It is the steward of Labs CFTC, a government-funded incubator for blockchain startups, which has been lauded for its transparency—earning Giancarlo the moniker “Crypto Dad”—and has helped foster a generally positive attitude toward the technology among the agency’s top dogs.

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Buy VPS With Bitcoin: The Top 10 List

In this article, we list the Best web hosting providers you can buy VPS with bitcoin. All...

5 of the Best Crypto Jobs Sites

The cryptocurrency and blockchain job market has exploded. With new blockchain start-ups and projects being founded at...

What’s the future of decentralized blockchains?

When Bitcoin was new and not valued at anything or just a few cents anyone could join...

My 5 favorite free crypto tools & sites I use daily

So I often get asked by friends, or people visiting my site about new tips for exciting...
- Advertisement -Facebook in talks with CFTC over GlobalCoin

Cryptocurrency is The Last Kingdom Where You Can Keep Your Data Private

Data privacy has been a hot topic for quite some time now and particularly after the popularity...

How To Travel With Bitcoin: 9 Travel Companies Accepting Bitcoin

Bitcoin travel is a reality, as several travel companies now accept payments in cryptocurrencies for their services.

Must read

Buy VPS With Bitcoin: The Top 10 List

In this article, we list the Best...

5 of the Best Crypto Jobs Sites

The cryptocurrency and blockchain job market has...
- Advertisement -

You might also likeRELATED
Recommended to you