FT: Facebook Negotiates CFTC on Its Cryptocurrency Project
Facebook is in talks with the US Commodity Futures Trading Commission (CFTC) in connection with its plan to launch a digital currency, writes Financial Times (FT).
The discussion is known to be “at a very early stage” and is aimed at understanding by the agency whether the social networking initiative falls within its regulatory mandate. CFTC head Christopher Giancarlo announced this to FT.
The CFTC controls the futures and derivatives markets in the United States, and any financial product tied to Facebook’s GlobalCoin cryptocurrency must meet all applicable requirements in such cases..
“We are extremely interested in understanding them better. We will be able to do something only if we have an application in front of us, and now we have nothing, ”said Giancarlo, adding that it is still difficult to say whether GlobalCoin will form the basis of a product similar to Bitcoin futures, the responsibility for supervision over which lies the CFTC.
In addition, a source familiar with the situation told the FT that Facebook over the past weeks has contacted the US Treasury, which is also dealing with issues of “illegal activities using digital assets”, to inform the regulator about the development of the project..
In mid-May, it was reported that Facebook had registered a company in Switzerland, which is expected to develop GlobalCoin..
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