- The United States Commodities and Future Trading Commission (CFTC) has indicated positively about Ethereum Futures.
- The CFTC chairman stated that he expects the United States of America to lead the global digital world in the field of not only the digital assets like Ethereum but also Fintech.
The United States Commodities and Future Trading Commission (CFTC) has indicated positively about Ethereum Futures. The statement which was released by the chair of the commission on Wednesday was an affirmation for the open-sourced, public, and blockchain-based distributed computing platform, Ethereum.
The CFTC chairman also explicitly stated that he expects the United States of America to lead the global digital world in the field of not only the digital assets like Ethereum or ETH but also Financial Technology or Fintech. This announcement by the CFTC has increased hopes for the future of Ethereum Futures.
In an interview that telecasted on Bloomberg TV, the CFTC chairman, Heath Tarbert, expressed his views on the issue by stating that he and the commission foresee the arrival of ether futures.
Futures are a way of gambling on future prices based on one’s prediction of how the market is going to function. They are virtually agreements where a person accepts to buy or sell a specific amount of a commodity on a particular date for a pre-set price.
Tarbert further stated that he viewed Bitcoin and Ethereum with the purview of the CFTC commodities and reasoned that this led to the exceeding CFTC activity in the digital asset space. He reiterated his belief that the United States must work towards leading within the digital asset and the blockchain technology spectrum.
He concluded by predicting his views on the futures.
What is also interesting is that the commission’s previous stance on Bitcoin and Ethereum was that they classified as commodities but not securities or anything else.
Bitcoin futures have itself had a very rocky history with the CFTC. Cboe opened the futures trading in 2017 only to realize that it wasn’t worth the hassle and finally closing off in March last year.
Currently, ETH futures are not available for foreign investors in the US markets even though they can trade on non-US exchanges. This expected to change under the present CFTC chair, who has often re-emphasized the significance “of letting digital assets take root.”
Last November, he was reported telling crypto investors, “As a regulator, I want to, at least, create an environment where innovation can flourish.” His appointment and work in the short tenure have raised the hopes of many regarding the integration of the digital and the real world.