Stablecoins Recognized As Future Collateral: CFTC Opens Public Consultation
The US CFTC has launched an initiative to explore the use of stablecoins as collateral in derivatives markets, with public input open until Oct. 20th. CFTC Launches Initiative For Tokenized Collateral & Stablecoins In Derivatives As revealed in a press release, Commodity Futures Trading Commission (CFTC) Acting Chairman Caroline D. Pham has enacted an initiative […]
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The U.S. Commodity Futures Trading Commission (CFTC) is considering a plan that would allow tokenized assets, including stablecoins, to serve as collateral in derivatives markets. If approved, stablecoins like $USDC and $USDT would be treated as traditional collateral, like cash or US Treasurys in regulated derivatives markets. This is excellent news for Best Wallet and […]
Will CBDCs disrupt stablecoins, or will they help each other? The public and private sectors should work closely together to bring about the future of money, according to a former leader of the Commodity Futures Trading Commission.Chris Giancarlo, a former CFTC chairman and initiator of a blockchain-based digital dollar project, joined the Singapore Fintech Festival 2020 to discuss the future of stablecoins and central bank digital currencies, or CBDCs.At a Tuesday panel called “Will CBDCs disrupt stablecoins?,” Giancarlo declared that the future of money depends on close government....
Her Majesty’s Treasury in the U.K. issued a document that details a series of proposals addressing the crypto community. With the consultation, the Treasury is initiating a “regulatory approach to cryptoassets and stablecoins” for 2021 following the Brexit turmoil. Special Focus on Stablecoin Regulation According to the official announcement, the consultation mainly targets stablecoins to gather investments and wholesale uses. The HM Treasury expects to collect insights from the “industry and stakeholders” in the crypto sphere until March 21, 2021. In 2018,....
The US Commodities Futures Trading Commission (CFTC) recently held a meeting on Bitcoin. The public meeting was held by the CFTC's Global Markets Advisory Committee (GMAC) and was sponsored by CFTC Commissioner Mark P Wetjen. The meeting was first called in September to discuss whether or not the CFTC has jurisdiction over Bitcoin derivatives. The CFTC was joined by expert panelists including Coin Center's Jerry Brito, Law Professor Houman Shadab, TeraExchange's founder Leonard Nuara, and BitPay's Chief Compliance Officer Tim Byun. Together, the group discussed Bitcoin futures' future and....
The settlement triggered concerns that the CFTC's role in stablecoin regulation could be misunderstood by the public. On Oct. 15, the Commodity Futures Trading Commission, or CFTC, handed sister crypto companies Tether and Bitfinex fines totaling $41 million and $1.5 million, respectively, citing violations of the Commodity Exchange Act, or CEA, and of a prior CFTC order.The regulator has found that Tether, the firm behind an eponymous stablecoin, has only held sufficient fiat reserves to back the dollar-pegged asset for 27.6% of time during the 26-month period under review between 2016....