Altcoin News: Facebook Negotiates CFTC Regarding Its Cryptocurrency Project

June 3, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Facebook is negotiating with the US Commodity Futures Trading Commission (CFTC) in connection with its plan to launch a cryptocurrency, writes the Financial Times (FT).

It is known that the discussion is “at a very early stage” and is aimed at the understanding by the department of whether the initiative of the social network falls within the scope of its regulatory powers. This was reported to FT by CFTC CEO Christopher Giancarlo.

The CFTC controls the futures and derivatives markets in the United States, and any financial product tied to the GlobalCoin cryptocurrency being developed by Facebook must meet all applicable requirements in such cases.

“We are extremely interested in understanding them better. We can only do something if we have an application and at the moment we have nothing, ” Giancarlo said, adding that it is difficult to say whether GlobalCoin will be the basis for a product like Bitcoin futures. over which lies on the CFTC.

In addition, a source familiar with the situation told FT that Facebook had contacted US Treasury over the last weeks, including dealing with “illegal activities using digital assets”, to inform the regulator about the development of the project.

In the middle of May, it was reported that Facebook had registered a company in Switzerland, which, presumably, will be engaged in the development of GlobalCoin.

Author: Marko Vidrih